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Filecoin forecast – If you are invested here, you should be careful!

 


In our last Filecoin forecast , we wrote that the price could retest the broken support zone. The price then confirmed the support zone as resistance and now seems to be sinking even lower. But what about the Filecoin chart at the moment? Could the price rise a little in the near future, or will we continue to fall steadily?


Will the Filecoin price go up or down?

Filecoin price was able to form a descending triangle after confirming former $26 support as resistance. This triangle is already in its final stages (last third) and could break out at any time. Triangles are continuation formations, so we expect a bearish breakout here. There is about a 70% chance that the price will break down. With the $21-$26 resistance area just above the trendline, we see an even higher probability of the price not breaking to the upside.


If we draw a vertical line from support up to the trendline and copy it to the breakout point, we get a formation target of around $10. Thus, in the future, should the Filecoin price break out bearish, we expect prices of around $10. From this point, the Filecoin course could rise a little. Not only the achievement of the goal would ensure rising prices, but also the achievement of a psychological mark. The $10 level is strong support, so we expect people to buy at that price level. As a result, the price could rise.

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