Is it too late to buy Filecoin? Crypto experts give their FIL price predictions

FIL, the ticker for the Filecoin cryptocurrency that powers Filecoin’s decentralized storage blockchain protocol, has taken a breather in recent days after enjoying spectacular gains earlier this month. FIL/USD last changed hands around $7.75, now down more than 18% from previous monthly highs in the $9.50 range, although the cryptocurrency remains higher by nearly 50% on the month.

Filecoin’s aggressive rally this month comes after the layer-1 blockchain protocol’s developers announced the launch date of Filecoin EVM. The upgrade, due on the 14th^th March, will bring smart-contract programmability to the Filecoin mainnet and should drive the protocol’s accelerated adoption.

Where next for Filecoin?

FIL/USD could easily fall back to the $7.0 level, given the lack of support in the meantime to prevent further downside. Other support areas to watch out for include the November 2022 highs in the $6.50 area and the early February highs in the $5.80s.

Since FIL’s aggressive breakout earlier this month from a downtrend connecting highs dating back to last October, bulls are likely to remain in control over the medium term. FIL/USD could easily bounce off any of the aforementioned support levels, with bulls targeting a possible test of the August 2022 highs in the $11.40 area.

Experts give their Filecoin price predictions

Popular crypto YouTuber Cilinix Crypto expects Filecoin to remain bullish ahead of the Filecoin EVM launch on the 14th.^th March, noting that it may come back and increase from $7.50.

Elsewhere, with a longer time frame in mind, popular crypto YouTuber VirtualBacon said that if the decentralized internet takes off, protocols like Filecoin are likely to be a key player. But while VirtualBacon said he is bullish on the narrative that could boost Filecoin, he doesn’t think it will be able to return to its 2021 all-time highs of $237.

Is it too late to buy FILE?

Asking if it is too late to buy an asset is never the right question. The right question is whether an asset should be bought or not. And it depends on how an investor assesses his long-term outlook for price developments.

If, based on your own research, you believe FIL offers a good risk reward at current prices and is likely to rise significantly in price in the current years, it is probably worth buying some. It is independent of the token’s recent performance. If you don’t consider FIL a good risk reward, then stay away.

Buy FILE now

FILE options to consider

FILE sine…. But traders looking for quick gains may want to consider other tokens with high potential, such as those sold in pre-sales promising upcoming crypto projects. We’ve reviewed some of the top contenders in this list of the top 15 cryptocurrencies for 2023, as analyzed by Crypto news Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

^{Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.}