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- 1 Filecoin is currently observing a decline in the base fee variation and a slight variation in the storage power trend
- 2 FIL price is in a strong consolidated trend from a long time. It has observed a decline of over 1.9% in the intraday session
Filecoin is a decentralized storage system which aims to store the most important information about the Humanity. It was described initially in 2014 as an incentive layer to the IPFS, since then it has had a strong growth. It is based on both proof of spacetime and proof of replication. Filecoin aims to disrupt the big data industry in a decentralized manner.
Filecoin has a total supply of 1,961,355,166 FIL in which less than 50% of it is currently circulating in the market. FIL had an all time high of $237 from which it is currently down by more than 98%. The protocol has 3431 active miners with a block reward of 12.0302FIL . The average mining reward for the protocol is 0.0068FIL/TiB. The Base fee variation of the protocol has also formed a significant down slope from the past few weeks.
FIL has a total market cap of $1.44 Billion and is ranked 31st in the cryptoverse. The volume of the asset price has observed a surge of over 8% in the intraday session. Volume to market cap ratio of the asset price hints towards a weak consolidated trend in price.
Will FIL Bulls Kick In Near $3?
Filecoin is currently observing a weak consolidated trend on the weekly technical chart. On the daily chart, the asset price is trading near the value of $3.191 with a small drop in the intraday session. The upside trend of FIL can see a halt near the value of $4. Meanwhile, the support of the asset price can be seen near the value of $3. The asset price is trading below the 50 and 100 Daily Moving Averages. If the price jumps above the DMA then a strong bullish trend can be seen in the future.
The RSI of FIL is near 42 suggesting its presence in the neutral zone. The overall sentiment of the indicator is neutral.
Summary
Filecoin is seeing no momentum from the bulls from the last few weeks. FIL token price is currently struggling to hold the support near the level of $3. Various analysts are expecting a strong growth in the FIL in near future.
Technical Levels
Major Support:$3
Major Resistance:$3.5
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 and stock 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.
