Crypto price predictions: Filecoin, Gifto, Safemoon
Filecoin price went vertical on Friday amid concerns about its utility.
Gifto lost momentum as the rebrand hype died.
Safemoon was left behind in the meme token rally.
Cryptocurrencies had a mixed performance this week as the US dollar index (DXY) continued rebounding and as regulators intensified their activities. Bitcoin temporarily soared to over $25,000 for the first time in six months. Here are the top crypto coin predictions for the weekend, including Filecoin (FIL), Gifto (GFT), and Safemoon (SFM).
Filecoin price prediction
Filecoin had a spectacular week as it jumped to the highest level since September 2022. It has risen by over 250% from its lowest level in 2022 even as concerns about its utility continue. Protocol Labs, its creator, even announced some layoffs recently.
Filecoin managed to cross the crucial resistance point at $5.81, the previous year-to-date high. The coin has also jumped above the 25-day and 50-day moving averages and formed a cup and handle pattern.
Therefore, there is a likelihood that the coin will maintain its bullish momentum in the coming days if bulls manage to push it above the current level. Such a move will bring the next resistance level to $10, which is much higher than where the coin is today. A drop below the support at $5.81 will invalidate the bullish view.
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Gifto price prediction
Gifto is a blockchain network in the gifting space. GFT, its native token, has had a mixed performance in February after it rebranded from GTO. Initially, the token price surged to a high of $0.186 as people became familiar with it.
These gains were short-lived as the GFT price crashed by more than 51%. As it crashed, Gifto managed to move below the key support level at $0.098. It then retested this level, signaling that bears are gaining momentum. The 50-period and 25-period moving averages made a bearish crossover. Therefore, the token will likely continue falling as sellers target the key support at $0.050.
Safemoon price prediction
Safemoon price was relatively calm this week even as other meme coins like Floki Inu and Dogelon Mars jumped as we wrote here. The token rose to a high of $0.00027 and then quickly pulled back. On the hourly chart, the coin has formed an ascending channel shown in blue. It has moved slightly above the lower side of the rising channel on the hourly chart.
The price is hovering at the 38.2% Fibonacci Retracement level. Therefore, Safemoon price will likely continue rising as buyers target the upper side of the channel at $0.00027.
SFM chart by TradingView