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- Filecoin has generated over $4.4 Million of fees in the past 30 days as per the Token terminal
- Technical indicators of FIL are favoring a downside trend. It has seen a drop of 1.2% in the intraday session.
Filecoin is a decentralized storage system that has been seeing increased popularity. It was first described back in 2014 and its ICO came in 2017. Filecoin is open-source and decentralized meaning the governance of the protocol is in the hands of users. FIL tokens can also be used to participate in governance proposals. The cost of data storage in FIL is less as compared to other giants. The platform uses a market-based system to determine the price of storage and reward the storage providers. Filecoin FVM is live on their mainnet. The launch of FVM solidifies the position of Filecoin as an L1 blockchain. Many Web 3 apps have announced plans to integrate with FVM to increase their services. Filecoin has generated over $4.4 Million of fees in the past 30 days which is a decline of 5%. The TVL of FIL has been growing exponentially as per the data from Defilama.
Filecoin has a market cap of $2.2 Billion and is ranked 31st in the crypto-verse. The social dominance of FIL has been declining as per Lunarcrush. The overall sentiment of the V/M ratio of FIL is bearish.
Bears Of Filecoin Are Pushing Down The Price
Filecoin has been seeing a struggle between the bulls and bears for the past few weeks. On the daily chart, the Bears are showing their dominance and can push the price down. It is currently trading near $5.26 with a drop of 1.8% in the intraday session. The upside trend of FIL can see a halt near the value of $6.5.Meanwhile, a bounceback can be observed near the value of $5. It is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in them which can push the price further below.
The CMF indicator of FIL is near 0.05 highlighting an equal buying and selling pressure for the current range. There is a negative slope in it which suggests a bearish move.
Summary
Filecoin is currently seeing a decline in social dominance and an increase in TVL. FIL is currently in a bearish trend but can move to a new high in the future.
Technical Levels
Major Support:$5
Major Resistance:$6.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
