Filecoin (FIL) has often been touted as one of the most promising projects in a web 3 revolution that many experts feel is around the corner. But the coin has really struggled this year. However, after a period of consolidation, a bullish breakout may be imminent. Here are some factors to note:
Filecoin could conceivably grow 4X by the end of 2022 or even higher.
The underlying value of the coin remains highly underrated.
The push towards web 3 this year will drive much of FIL’s upward surge.
Data Source: Tradingview
Filecoin (FIL) – How soon can it hit 4x?
After a shaky start to the year, it reached a point where there were fears we may see a prolonged crypto winter. Filecoin (FIL), just like many altcoins, was really hit hard, and it bottomed to a new 2022 low of $16.5 about a few weeks ago. But then the momentum reversed, and we saw some decent rise and a period of consolidation.
There is a lot of improvement in sentiment, and this can only be a good thing for FIL. We are watching to see if the coin can flip $21 from an overhead resistance zone to a support zone in the short term.
This could trigger a bull run that sends FIL up by at least 30%. From a longer-term point of view, analysts are looking at $80 easily. Remember FIL was trading at $120 in September last year. There is therefore precedent for rapid gains and losses.
Should you get Filecoin (FIL)
Filecoin remains a crucial cog in the data storage business. It is designed to become a decentralized data solution, and with the coming age of decentralized internet, this type of service will be invaluable.
FIL is not alone in this of course. There are some competitors. But so far, the project has really done very well. It’s worth looking at.