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- Filecoin Foundation is set to test IPFS-based communication in space.
- The announcement is a continuation of partnership.
- The token prices rose by nearly 25% in the past week.
Filecoin Foundation is the governing entity that controls the Filecoin network. It is moving ahead with its plan to launch a decentralized file system in space this year. The foundation will deploy the Interplanetary File System (IPFS)in space abroad. This continues a previous partnership between Filecoin and the US aerospace tech firm.
The alliance aims to devise a decentralized file storage system for the space industry. IPFS is distinct from centralized data storage. It doesn’t refer to the content by unique identities; instead, it references content by its location on a server.
Monoscopic view
The FIL prices have breached the long-formed falling parallel channel. Respecting the previous swing, the rally may target price levels near $5.6. The trading volume shows movement and, when paired with rising OBV, shows the attention it attracted is positive. The 200-EMA floats above the current price of $4.61.
The upsurge was followed by a halt, which is mirrored by the flat CMF that moves sideways in the positive region. The MACD records ascending buyer bars as the lines undergo a bullish divergence. The halt is visible in the horizontal RSI that lays near the 70-range, to reflect the buyer-dominance.
Microscopic
The 4-hour time frame shows that FIL token faces a staggered rise. The CMF slips closer to the baseline to show a slowed down rally. The MACD records a few sellers, as the divergence id turned for the bears. The RSI moves closer to the half line to establish a neutral market.
Conclusion
The market is ambiguous and does not reflect any signals that can set a strong momentum. The holders may watch out for the bull run near $5.6. Investors can rely on the support zone of $4.0 to invest in the stock.
Technical levels
Support levels: $4.0 and $2.7
Resistance levels: $5.6 and $6.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
