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- 1 Filecoin storage utilization has seen a 7% growth in Q2 as per a report by Messari.
- 2 FIL price is currently observing a consolidated trend in price. It has observed a drop of 1.5% in the intraday session.
Filecoin is a decentralized storage system that aims to store the most essential information. The protocol aims to store data in a decentralized manner which means the community is solely responsible for the development of the protocol It was founded by Juan Benet.
Filecoin has active miners of 3483 and has a block reward of 13.38 FIL. It has a total supply of 1,961,757,222, of which 437,384,607 is currently circulating in the market. Recently, Messari published a report in which it stated that the storage utilization of Filecoin has seen a growth of 7% in Q2 2023. FIL token price has seen a decline of over 98% from its all-time high but can see a reversal soon. Various analysts are expecting strong growth in price in the near future.
Filecoin has a market cap of $1.91 Billion and is ranked 30th in the CMC. The volume of the asset price has observed a decline of over 23% in the intraday session. The volume-to-market cap ratio of the FIL is near 5.54%, suggesting a consolidated trend in price.
Will FIL Hit A New High Soon?
Filecoin is currently trading in a consolidated trend on the weekly technical chart. On the daily chart, the asset price is trading near the value of $4.39, with a small drop in the intraday session. FIL token price is currently in a strong consolidating range. The upside trend of FIL can see a halt near the value of $6. Meanwhile, the support of the asset price can be seen near $4. The asset price is currently trading below the 50 and 100 Daily Moving Averages. If the price of the asset jumps above the DMA, then a strong upside trend in the future can be observed.
The RSI of FIL is near 52, suggesting its presence in the neutral zone. There is a small downside slope in it, hinting towards a bearish trend in price.
Conclusion
Filecoin is seeing a steady growth in storage utilization capacity. FIL token price is currently observing a weak consolidated trend. It may see a recovery in the price in the near future, as per various analysts.
Technical Levels
Major Support:$4
Major Resistance: $6
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
