Filecoin Analysis:Could FIL Be The Next Big Name In The Crypto verse?

Filecoin can see a new heights in upcoming days
  • FIL Price is currently trading in consolidated zone which started from Feb 10,2021 and looking towards bearish breakout.
  • Filecoin is currently trading at the level of $38.43 with an intraday gain of 2.75%. Meanwhile the FIL is at the level of 0.0007846 BTC with gain of 0.58%.

What Excatly Is Filecoin Contributing To The Network?

Filecoin is a decentralized system which stores the most important data of the humanity.FIL has a potential to replace the most prominent players in the cloud storage space. Filecoin miners can elect to provide storage capacity for the network, and thereby earn units of the Filecoin cryptocurrency (FIL) by periodically producing proofs. FIL has to be staked by storage providers as collateral against their authenticity for storing data. It works on proof of space time and proof of replication. There are various implementation of Filecoin like LOTUS,VENUS,FOREST etc which are performing well on the blockchain network. 

Filecoin History and Present 

The modern internet is fragile.The data sits behind a single url or a single server. Anyone with a access to the server can easily manipulate the data. Juan Benet who also created Interplanetary File system wanted to solve this problem. So with this in mind and strong developers team Filecoin got launched in 2014 and it never looked back again. It is one of the complex system in the cryptoverse.The space time consensus mechanism is not easily understandable by the developers.Since its inception they have launched various updates and working continuously towards the improvement.Filecoin Price has seen a gain of 100% since the start of 2020.It can see a huge growth in upcoming days.

FileCoin Technical Analysis

Source:Trading view
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The weekly technical chart of FIL depict”Bulls On Rest “in todays trading session. Filecoin is currently trading at the value of $38.20 with a resistance at the value of $44 and support at $25. It is currently trailing in a consolidated zone  and breakout from it could result in huge price movement. FIL price is trailing above 50 and 200 Exponential Moving Average. The 50 EMA blue line is at the value of $33.79 making it a temporary support.There is bullish candle formation in it so a positive movement can be expected.

MACD(Bearish): It has given a negative cross over signal in the daily chart on FEB 20,2021. Bars of the histograms are also showing negative momentum. The overall sentiment of MACD is bearish. 

RSI(Bullish): It is travelling at the value of 50.69, showcasing its presence in the oversold zone. A  zero slope is formed in RSI, highlighting that the price may see mayhem in the upcoming days. The overall sentiment is bullish as there is a small positive slope in the RSI.

Technical Levels

Major Resistance:$44

Major Support:$25

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Adarsh Singh
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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