Despite the subdued tone to broader cryptocurrency trade on Friday, as markets grapple with the latest stronger-than-expected US labor market report that has sparked fears of sticky inflation and higher interest rates for longer in 2023 and beyond, Filecoin has been making strides and price predictions have been becoming more bullish. FIL, the native token that powers Filecoin’s decentralized data storage network, was last trading about 4.3% higher on Friday, having found decent support at its 21-Day Moving Average earlier in the session before rallying back to the north of the $4.50 level.
Filecoin’s latest rally means that it is now about 14% above the record lows it printed last month in the $4.0 per token area. However, the bullish momentum may soon run out of steam given that FIL/USD is heading towards a key support-turned-resistance level in the $4.75 area. Was Filecoin able to break above this level, a run back towards the cryptocurrency’s pre-FTX collapse highs in the $6.60 area could be on the cards.
Such a breakout could be important for Filecoin’s long-term price appreciation prospects. On the logarithmic chart, FIL’s price action has been suppressed by a downtrend now for over a year.
Filecoin Network Enjoying Strong Growth
According to data from Messari, usage of the Filecoin network continues to grow at an exponential rate. In November, the network stored 375 PiB through deals between storage users and providers, a 29% MoM increase on October’s 289 PiB.
Assuming Filecoin’s network continues to experience strong growth, FIL should emerge as a strong performer once the crypto bear market ends and attention re-focuses on crypto fundamentals as opposed to 2022’s negative shift in broader macro conditions. Upside targets in the medium to long-term include the summer 2022 highs in the $10.50 area, early 2022 support in the $16.50 area, and late 2021/early 2022 support-turned-resistance in the $28s.
Alternative Altcoins To Consider
Dash 2 Trade (D2T)
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features. These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool.
Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features. Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. D2T token sales recently surpassed $7.5 million and the sale will soon enter its fourth phase, which will see the token pre-sale price lifted to $0.0533 from $0.0513.