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- Filecoin has seen a strong drop from its all time high and is in a downtrend for a quite some time
- Technical indicators of FIL suggests a downside trend in price. FIL/BTC pair is down by 2.5% in intraday session
Filecoin is a decentralized storage network that uses blockchain technology to store and retrieve data. It is built on top of the InterPlanetary File System (IPFS), a peer-to-peer protocol for sharing and storing data. It also allows users to rent out their unused storage space and get paid in the FIL. This creates a marketplace for storage, where users can buy and sell storage capacity using Filecoin.Filecoin aims to provide a more secure, decentralized alternative to traditional cloud storage providers. In addition to providing storage, Filecoin also allows users to create and store content on the network, such as documents, videos, and images. It can be stored in a decentralized manner, meaning it is stored on multiple devices across the network, making it more resistant to data loss and tampering.
Filecoin is currently ranked 36th in the cryptoverse and has a strong dominance in storage. Volume of the FIL has seen a drop of 15% in the intraday session. Volume to market cap ratio of Filecoin suggests a downside trend.
Where Is FIL Price Heading To?
FIL has seen a drop of more than 98% from its all time high. Filecoin is in a strong downside trend for a quite long time. The weekly technical chart of Filecoin suggests a consolidated trend in price. On coming to the daily chart it is trading near $3 with a drop of more than 1.5% in the intraday session. Resistance of FIL on the upside can be seen near $5. Meanwhile the support of the price can be seen near $2. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the price down to a new low
Conclusion
Filecoin has been observing a fall from quite sometime. FIL is currently in a consolidated trend and can soon see a new high in the future.
Technical Levels
Major Support:$2
Major Resistance:$5
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
