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- Filecoin foundation has recently announced first mission to deploy Decentralized file system in space.
- Technical indicators of FIL are favoring consolidation trend.It’s BTC pair has seen a gain of 2% in intraday session
Filecoin is a decentralized storage network that allows users to rent out unused storage space on their devices to others in need of data storage. It is built on top of the InterPlanetary File System (IPFS) protocol, which is a peer-to-peer network for storing and sharing files. Filecoin uses a cryptocurrency called FIL, which is used to pay for storage on the network. Miners, who provide storage space, are rewarded in FIL for their contributions to the network. The more storage space they provide and the longer they keep it available, the more FIL they earn. The Filecoin network is designed to be highly secure and reliable, as data is stored across multiple devices in different locations. This helps to ensure that data is not lost even if a single device fails. Additionally, data is encrypted before it is sent to the network, providing an added layer of security. Filecoin also aims to provide a more affordable and efficient alternative to traditional data storage solutions. By allowing individuals and businesses to rent out their own storage space, the network can help to reduce the cost of data storage for users.
Filecoin has a market cap of over $1.9 Billion and is ranked 34th in the CMC. Volume to market cap ratio of the FIL suggests a consolidated trend.
Are Bulls Ready For A Rally In FIL?
The weekly technical chart of Filecoin suggests a weak upside trend in price. On the daily chart it is trading near the value of $5.353 with a gain of 4% in the intraday session. The upside momentum of FIL can see a halt near the value of $8.The downside trend of the asset price can see a bounceback from $3. It is currently trading over the 50 and 100 DMA.There can be a positive crossover which can push the price to a new high. Various analysts are expecting a strong growth in future.
Conclusion
FIL has seen rebound from its lows with the rise in overall market. FIL price is currently in a consolidated trend and can see a new high in the future.
Technical Levels
Major Support:$3
Major Resistance:$8
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
