Filecoin Price Prediction, will FIL’s price hit $7.18?
Filecoin’s price at the same time last week was $4.68. It has moved by 5.23 % in the past week and is currently at $4.58. Infact, in the past 24 hours, FIL has pumped by 4.63 %. There is a slight bullish sentiment in the crypto market. The long term sentiment, however, remains bullish and FIL could hit $6.52 in 2024.
The total circulating supply of Filecoin as of writing this article was $472,863,952 and the marketcap of FIL remains at $2,163,977,992
Disclaimer
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
About Filecoin
Filecoin (FIL): An overview
Source: Filecoin.io
Filecoin (FIL) is a peer-to-peer (P2P), open-source, and decentralized network meant for the storage and retrieval of data. This decentralized storage network (DSN) enables participants to rent out the storage space on their computers to other people who, in turn, pay to buy the space. Its native token, FIL, is the utility token used to incentivize network participants.
The InterPlanetary File System (IPFS) protocol—a decentralized data storage and sharing system, serves as the foundation upon which the network is built. The protocol is also used by Ethereum (ETH) and Electro-Optical System (EOS).
Unlike other cloud storage platforms, Filecoin removes the need for an intermediary and has a number of advantages:
- Safety and security: Like all blockchains, Filecoin acts as a digital ledger that keeps track of all FIL token transactions. The block also contains the agreement between a participant who rents out the storage space and the other one who buys it. This makes it immutable and safe from cyber threats.
- Cost-effectiveness: As more participants join the network, the cost of renting the storage space will become less every day.
- Scalability: Anyone who meets a simple set hardware requirement can participate in the network. This allows millions of people to join, creating a large network for data storage.
The FIL token has a total supply of 2 billion, out of which 458.7 million are already in circulation. During the initial coin offering (ICO) in 2017, the token managed to raise $257 million. The ICO was split into two phases:
Initial token offering (ITO) or the pre-sale was exclusively open to accredited investors. A total of 200 million FIL were sold at the ITO for $0.75 each.
A public auction that was open to all investors made up the second phase. The public sale was conducted in a Dutch auction method, with the starting token price of $1 decreasing over time.
How does Filecoin function?
Source: Filecoin.io
Filecoin allows users to store their data in a secure and decentralized manner. Any node participating in the network can assume one of the three roles:
Storage miners: They are storage providers and store data on behalf of their clients. Miners receive FIL tokens for providing storage, and the reward is proportional to the amount of storage created. They are also responsible for verifying storage across time and adding new blocks to the Filecoin blockchain.
Retrieval miners: As the name implies, they are responsible for retrieving data on behalf of the client in exchange for FIL tokens.
Repair miners: These comprise miners who are responsible for rectifying any situation in which an unstable miner is present. They are responsible for replicating files and re-adding them to the network in case any data is lost.
Unlike other cryptocurrencies, Filecoin uses two consensus mechanisms: Proof-of-Replication (PoRep) and Proof-of-Space-Time (PoST), which allows storage miners to cryptographically prove that they are indeed storing the data. They are also required to put some FIL tokens as collateral to ensure that they fulfill their obligations.
PoRep: This is a confirmation sent from the storage miner to the client that the data is stored properly. Data is stored across multiple nodes and is cryptographically verified to ensure easy retrieval.
PoRep is a one-time thing and happens when the data is first stored by the storage miner. The idea for this consensus mechanism was proposed by the inventor of the BitTorrent (BTT) protocol, Bram Cohen.
PoST: After the completion of PoRep, the miners must continuously prove that they are storing the data over an agreed-upon time. This is done via PoST, where cryptographic challenges are issued to miners, which validates that the miners stay true to their claim of holding the data. D.J. Bernstein and his team originally suggested the Space-Time protocol in a paper in 2017.
Overall, Filecoin provides an efficient, secure, and decentralized way for the storage and retrieval of data. Miners and clients can interact with each other via the Filecoin Marketplace.
Users may define how much storage they want and for how long in the marketplace's bidding mechanism, and storage miners can compete for the storage contract by quoting a price in FIL. The Filecoin market allows easy data retrieval, so users may get their saved information from any miner who has a copy of it.
Filecoin's journey
Source: Filecoin.io
Protocol Labs (PL), the same company that developed technologies like IPFS, launched Filecoin. The white paper for Filecoin was published in 2014 by Juan Benet, founder and CEO of Protocol Labs. On the genesis block, the initial FIL token allocation was as follows:
- 10% was set aside for fundraising, and 7.5% of that amount was sold in the 2017 token sale, leaving the remaining 2.5% for ecosystem growth and potential future fundraising.
- Protocol Labs received 15%, which included 4.5% for the PL team and contributors.
- Filecoin Foundation received 5%.
- For "offering data storage service, maintaining the blockchain, disseminating data, running contracts, and more," miners received the remaining 70% of tokens as mining rewards.
Source: Filecoin.io
The launch was a multi-stage process, and with each stage, Filecoin incorporated new features into the network. The stages included:
- Testnet phase 1: The first phase of the testnet was launched towards the end of 2019. Filecoin's testnet enabled developers to test the protocol and network features and experiment with the network.
- Testnet phase 2: Testnet 2 was launched in May 2020 and was considered to be a major milestone before the mainnet launch.
- Mainnet ignition: This was the pre-liftoff phase from September 26, 2020, to October 15, 2020, which provided network users time to start up, learn, configure, and optimize their deployments.
- Mainnet liftoff: Filecoin network went live on October 15, 2020. The mainnet launched officially at block 148,888. Users were now able to store and retrieve data using Filecoin. The network was also stabilized during this phase with bug fixes and performance improvements.
Since October 2020, Filecoin has undergone some major developments, and the platform's storage capacity has increased tremendously.
Major developments
Source: Filecoin.io
- November 24, 2020: Filecoin surpassed 1 Exbibyte storage capacity, which is large enough to accommodate 19 copies of the entire Internet Archive.
- January 5, 2021: Filecoin incorporated the EIP-1559 transaction pricing model to make transaction processing more efficient.
- January 11, 2021: Fenbushi Capital announced a $15+ million investment fund in the IPFS and Filecoin ecosystem.
- March 18, 2021: For its token season launch, Decrypt collaborated with Filecoin.
- March 24, 2021: Chainlink collaborated with Filecoin to develop advanced decentralized storage solutions.
- April 29, 2021: Protocol Labs introduced NFT.Storage, a platform that allows free, decentralized storage of non-fungible tokens (NFTs).
- August 3, 2021: Protocol Labs introduced Web3.Storage, which allowed users to store and retrieve data from Filecoin's network.
- August 20, 2021: Filecoin-Polygon bridge was announced.
- February 1, 2022: Filecoin announced Project Gravity II to provide incentives to users who bring extra storage space to support the network
- June 21, 2022: Brave browser's new update started supporting FIL in the new wallet feature.
- August 25, 2022: Filecoin became available on Ledger Live, a cold storage application in Web3.
- November 22, 2022: Filecoin upgraded to network version 17—Shark.
- March 14, 2023:The Filecoin Virtual Machine (FVM) went live on the mainnet.
- May 12, 2023: A retrieval client for Filecoin and IPFS named Lassie was introduced.
- August 31, 2023: Filecoin moved its documents to the GitBook platform.
FIL Price Analysis
The weekly chart for FIL presented a bearish outlook. While there were intermittent sparks of optimism, they lacked the strength to reverse the persistent downtrend. At the time of writing, FIL was trading at $3.233.
FIL weekly chart
Initially, FIL encountered a rejection at the $6.3 level, which subsequently instigated a series of declines. This relentless descent culminated in December 2022, when the price made contact with its lowest support level at $2.9.
This event was significant for two reasons: first, it portrayed the vulnerability of FIL at that juncture; second, it demonstrated the resilience of the market participants. Following this, a notable resurgence of buying interest became evident. This renewed optimism catapulted the price past the $6.3 resistance briefly. FIL even touched a commendable high of $9.5 in mid-February. However, the euphoria was short-lived.
The resistance at $6.3 asserted its dominance once more. The bulls tried their best to defend the support at $5.4. But by mid-April, even this support capitulated, causing the price to revisit its lowest echelons, with $3.4 acting as its latest resistance.
Starting off at subdued levels, the volume demonstrated a direct correlation with price surges. As FIL breached its formidable resistance momentarily, substantial spikes in volume were observed, indicative of heightened trader interest and activity.
However, after the inability to sustain momentum above this resistance, there was a discernible ebb in volume, mirroring the downtrend in price.
The Relative Strength Index (RSI) surpassed the neutral 50 line in February 2023, registering a peak of 58.96. This was concurrent with FIL's price reaching its zenith.
Post this climactic event, the RSI retraced its steps, and at the close of the period, it was measured at 38.75, suggesting a prevailing bearish momentum.
The Chaikin Money Flow’s (CMF's) trajectory over the year was slightly reminiscent of the RSI. After breaching the zero line in January and achieving a high of 0.15 in February, the CMF started its downward journey.
As May approached its end, the CMF retreated below the zero line, with its current value resting at -0.05, indicating a potential outflow of capital from FIL.
Should you consider buying FIL?
In light of the aforementioned indicators, the overarching sentiment for FIL remained bearish. The consistent inability to maintain a position above key resistances, coupled with declining volume, RSI, and CMF values, paints a cautionary picture.
However, for traders looking to capitalize on potential rebounds or believe in the long-term prospect of FIL, a targeted buying range of $2.6 to $3.1 might be considered.
Filecoin Price Prediction
Filecoin has had an eventful 2021. To simplify the latest FIL price prediction, we have divided up the prediction by short term Filecoin price prediction and long term Filecoin price prediction. As of writing this article, FIL had a trading volume of 114,841,833. Filecoin has gone up by 21.53% in the past 30 days.
According to our analysis in the short term, Filecoin price prediction for January 2024 shows the average price of FIL at 5.43 and the highest possible price for January 2024 would be $5.81.
Further, according to our analysis in the long term, Filecoin price prediction for May 2024 shows the average price of FIL at 5.97 and the highest possible price for May 2024 would be $6.39.
Filecoin's Short Term Price Prediction
| Date | Avg Price | Lowest Price | Highest Price |
| 30 November 2023 | $5.09 | $4.74 | $5.45 |
| 1 December 2023 | $5.10 | $4.74 | $5.46 |
| 2 December 2023 | $5.13 | $4.77 | $5.49 |
| 3 December 2023 | $5.20 | $4.84 | $5.57 |
| 8 December 2023 | $5.61 | $5.22 | $6.00 |
| 13 December 2023 | $5.81 | $5.40 | $6.22 |
| 23 December 2023 | $5.96 | $5.54 | $6.38 |
Filecoin price prediction 30 November 2023: Filecoin's price for 30 November 2023 according to our analysis should range between $4.74 to $5.45 and the average price of FIL should be around $5.09.
Filecoin price prediction 1 December 2023: Filecoin's price for 1 December 2023 according to our analysis should range between $4.74 to $5.46 and the average price of FIL should be around $5.10.
Filecoin price prediction 2 December 2023: Filecoin's price for 2 December 2023 according to our analysis should range between $4.77 to $5.49 and the average price of FIL should be around $5.13.
Filecoin price prediction 3 December 2023: Filecoin's price for 3 December 2023 according to our analysis should range between $4.84 to $5.57 and the average price of FIL should be around $5.20.
Filecoin price prediction 8 December 2023: Filecoin's price for 8 December 2023 according to our analysis should range between $5.22 to $6.00 and the average price of FIL should be around $5.61.
Filecoin price prediction 13 December 2023: Filecoin's price for 13 December 2023 according to our analysis should range between $5.40 to $6.22 and the average price of FIL should be around $5.81.
Filecoin price prediction 23 December 2023: Filecoin's price for 23 December 2023 according to our analysis should range between $5.54 to $6.38 and the average price of FIL should be around $5.96.
Filecoin's Long Term Price Prediction
Filecoin’s long term Price Prediction below is a look at FIL’s future prospect with regards to price. Filecoin was last seen at $4.58, with a market cap of $2,163,977,992 and trading volumes of $114,841,833. FIL’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
| Years | Avg Price | Lowest Price | Highest Price |
| 2023 | $5.99 | $4.79 | $7.18 |
| 2024 | $5.43 | $4.34 | $6.52 |
| 2025 | $7.06 | $5.65 | $8.47 |
| 2026 | $9.18 | $7.34 | $11.01 |
| 2027 | $11.93 | $9.54 | $14.31 |
| 2028 | $15.51 | $12.41 | $18.61 |
| 2029 | $20.16 | $16.13 | $24.19 |
| 2030 | $26.21 | $20.96 | $31.45 |
| 2031 | $34.07 | $27.25 | $40.88 |
| 2032 | $44.29 | $35.43 | $53.15 |
| 2033 | $57.57 | $46.06 | $69.09 |
Filecoin price prediction 2023: Filecoin's price for 2023 according to our analysis should range between $4.79 to $7.18 and the average price of FIL should be around $5.99.
Filecoin price prediction 2024: Filecoin's price for 2024 according to our analysis should range between $4.34 to $6.52 and the average price of FIL should be around $5.43.
Filecoin price prediction 2025: Filecoin's price for 2025 according to our analysis should range between $5.65 to $8.47 and the average price of FIL should be around $7.06.
Filecoin price prediction 2026: Filecoin's price for 2026 according to our analysis should range between $7.34 to $11.01 and the average price of FIL should be around $9.18.
Filecoin price prediction 2027: Filecoin's price for 2027 according to our analysis should range between $9.54 to $14.31 and the average price of FIL should be around $11.93.
Filecoin price prediction 2028: Filecoin's price for 2028 according to our analysis should range between $12.41 to $18.61 and the average price of FIL should be around $15.51.
Filecoin price prediction 2029: Filecoin's price for 2029 according to our analysis should range between $16.13 to $24.19 and the average price of FIL should be around $20.16.
Filecoin price prediction 2030: Filecoin's price for 2030 according to our analysis should range between $20.96 to $31.45 and the average price of FIL should be around $26.21.
Filecoin price prediction 2031: Filecoin's price for 2031 according to our analysis should range between $27.25 to $40.88 and the average price of FIL should be around $34.07.
Filecoin price prediction 2032: Filecoin's price for 2032 according to our analysis should range between $35.43 to $53.15 and the average price of FIL should be around $44.29.
Filecoin price prediction 2033: Filecoin's price for 2033 according to our analysis should range between $46.06 to $69.09 and the average price of FIL should be around $57.57.
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FAQs about Filecoin
Filecoin’s current price is $4.58 and witnessed a 4.63% increase in the past 24 hours. FIL/BTC pair saw a 0.88% increase in the past 24 hours
Investing in Filecoin, FIL will purely depend on your personal risk appetite. As you can see over the past 24 hours Filecoin’s price has witnessed a 4.63% increase and over the past 30 days Filecoin has increase by 21.53%. So it all depends on if this investment will hit your trading goals.
According to our latest Filecoin Price prediction for 2023, FIL should vary between $7.18 and $4.79. Please keep in mind that the crypto market is very volatile and this Filecoin price prediction does not account for extreme wild swings in price.
As per the Filecoin price prediction 2023 model above, FIL’s price for November 2023 should range between $4.79 to $7.18 with the average price for November being $5.99
According to the Filecoin Price Prediction model above, FIL’s price in 2024 would be $5.43. This price would however would range from $6.52 and $4.34.
According to the Filecoin Price Prediction model above, FIL’s price in 2025 would be $7.06. This price would however would range from $8.47 and $5.65.
According to the Filecoin Price Prediction model above, FIL’s price in 2026 would be $9.18. This price would however would range from $11.01 and $7.34.
According to the Filecoin Price Prediction model above, FIL’s price in 2027 would be $11.93. This price would however would range from $14.31 and $9.54.
According to the Filecoin Price Prediction model above, FIL’s price in 2028 would be $15.51. This price would however would range from $18.61 and $12.41.
According to the Filecoin Price Prediction model above, FIL’s price in 2029 would be $20.16. This price would however would range from $24.19 and $16.13.
According to the Filecoin Price Prediction model above, FIL’s price in 2030 would be $26.21. This price would however would range from $31.45 and $20.96.
According to the Filecoin Price Prediction model above, FIL’s price in 2031 would be $34.07. This price would however would range from $40.88 and $27.25.
According to the Filecoin Price Prediction model above, FIL’s price in 2032 would be $44.29. This price would however would range from $53.15 and $35.43.
According to the Filecoin Price Prediction model above, FIL’s price in 2033 would be $57.57. This price would however would range from $69.09 and $46.06.
The highest price for Filecoin was recorded in 1 April 2021 during which FIL hit an All Time High of $236.84
The price of 1 Filecoin according to current market rate is $4.58
