Filecoin has lost its bullish momentum as the whole crypto market struggles with bearish momentum after seeing a positive week after a long time. At the time of writing, Filecoin was trading hands at $55 apiece. The price of the cryptocurrency may be moving towards consolidation as the volatility has declined greatly. In the past twenty-four hours, FIL coin only moved by 1% to the downside while the weekly performance saw a growth of 6%. The cryptocurrency stands at a market rank of twenty-four with a capitalization of $5 billion.

Technical analysis

The market sentiment for Filecoin has turned neutral as the price movements of the cryptocurrency have turned indecisive. Eleven out of the total twenty-six technical indicators are giving out a signal of buy. Seven indicators of the rest are standing at a neutral position with eight at a bearish position of sell.

A trader’s analysis has identified a possible future trajectory for Filecoin. Per the technical analysis, the cryptocurrency had been expected to move downwards on a coherent wave count. The formation of the wave count had begun in May and had also entered a descending triangular pattern. FIL coin is expected to continue downwards and test a major support level lying at the price of $45. However, if the support is broken then there is little chance of seeing upward momentum anytime soon. But all hope is not lost for the cryptocurrency yet as the wave count predicts an upward trend in the upcoming days. The first target price lies at $65 followed by $81 and then a major resistance will be encountered by Filecoin at $98.

Can Filecoin cross $65 by the end of 2021?

Filecoin is one of the leading decentralized storage platforms in the market. The future projections for the cryptocurrency are bullish with sky-high price predictions. According to the estimates of Wallet Investor, FIL coin will be trading at $158 in a year’s time. Digital Coin Price predicts a price level of $89 by the end of 2021. Hence, predictions show crossing $65 by the end of 2021 may not be as hard for the cryptocurrency.