Over the past day, Filecoin (FIL) has emerged from the shadows to achieve a price recovery of over 10%. This notable move has brought more attention to altcoins that previously failed to follow the general cryptocurrency market recovery. Accordingly, one cryptocurrency analyst predicted that altcoin prices would rise by 1,000%, which would bring major changes to altcoins.
Filecoin will rise 10x to $70.
In an analysis shared on The charts shared in the analysis track the coin’s movements over the past year, with a nearly 200% increase from lows below $3 to over $0.7. Nonetheless, the cryptocurrency analyst believes there is more to come.
Crypto analysts predicted that the Filecoin price would rise to $70. Now, considering FIL’s current trading value, this means a 1,000% increase from here, or a 10x increase. The analyst appears to believe that altcoins are entering the price discovery phase, saying, “We’ll find out.”
$FIL Minimum $70 for 10 dividends
Return to ATH is +20x.
price discovery = ?
I’ll find out pic.twitter.com/w2O5fgAzDi
— Tony “The Bull” (@tonythebullBTC) February 19, 2024
Tony is not a cryptocurrency analyst predicting an optimistic future for Filecoin price. Because analyst Ali Martinez also expects altcoins to perform well. Martinez said FIL is currently trading in a “parallel channel on the three-day chart,” where prices are typically bullish.
However, for this move to be confirmed, the cryptocurrency analyst explains that the altcoin would need to break “the resistance posed by the upper limit of the channel set at $8.50.” If this happens, Martinez expects the price to rise to $25.50.
#filecoin It is trading within a parallel channel on the 3-day chart. Note the resistance occurring at the upper boundary of the channel set at $8.50.
Successfully breaking through this barrier can result in significant strengthening. $FILThe price of could potentially triple its value, reaching $25.5! pic.twitter.com/Tgg0rZfRrs
— Ali (@ali_charts) February 19, 2024
Can FIL hit new all-time highs?
In addition to his analysis, Tony The Bull also assumes that since Filecoin is just 20x off its all-time high of around $230, the altcoin has the potential to rise to this level. However, this was not well-received by community members who countered that inflation over the past year would make it impossible for FIL to reach the new ATH.
The circulating supply of FIL has increased rapidly over the years, reaching an all-time high in 2021. This makes expectations that altcoins can return to these levels very low. “Due to the massive inflation in the last bear market, FIL will not create new ATH,” one user told a cryptocurrency analyst.
Nonetheless, FIL continues to perform strongly on the daily charts. According to data from Coinmarketcap, the price is up 16% in the last 24 hours and 40% in the last 7 days. At the time of this writing, it is trading at $7.68.
FIL price rises over 10% in 24 hours | Source: FILUSD on Tradingview.com
Featured image from Coincodex, chart from Tradingview.com
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