Filecoin is a decentralized storage system. It makes it easy for people to rent out unused space and earn passive income. Filecoin is aiming to become the zippiest and most wallet-friendly option – but its reign depends on adoption.
While competitors like Storj and Siacoin play in the same sandbox, Filecoin’s network architecture is unique. Miners, the backbone of the system, offer storage, rewarded for their diligence. Data seekers browse the open market, striking deals for a fixed price. Double-layered consensus protocols keep everyone’s precious bits safe.
In 2017, venture capitalists fueled Filecoin’s rocket ship with millions, and the Mainnet launch in 2020 sent it rising. Within a month, over 1 exbibyte of data found its home, with 70+ organizations flocking to the ecosystem. Filecoin’s story is just beginning, but its ambition to reshape the data landscape is clear.
Technical Analysis and Prediction of the FIL Coin Price
In the last 24 hours, Filecoin’s (FIL/USDT) value has increased by 18.4% and it is currently at $7.85. This upward trend continues from the past week when it gained 30.0%, from $5.76 to its present value. Its highest recorded value is $236.84.
The chart below displays the price movements and volatility for Filecoin over the last 24 hours (left) and the past week (right), with the gray bands representing Bollinger Bands measuring volatility for daily and weekly price movements.
The trading volume for the FIL coin price has gone up by 215.0% in the past week, while the overall circulating supply has increased by 0.79% to over 490.22 million. That is approximately 25.0% of its maximum supply of 1.96 billion. The bullish investors rose up 31.6% in the last 3 trading days.
The bulls are taking support from the level of the 50-day EMA after it made a bullish crossover with the 150-day EMA. The RSI on the other hand has been rising since mid-December.
Some Corrections are Possible
The current levels of the RSI and its SMA are 77 and 66 respectively. The gap is significant therefore it is likely that some corrections will be seen in the FIL coin price. The immediate support level is at $5.26, the place where the FIL coin will go if a significant rejection arrives.
Conclusion
Filecoin makes it easy for people to Rent out unused space and earn passive income. In 2017, venture capitalists invested a lot of money in Filecoin. At press time, the coin has risen more than 30% in the last 3 days. However, the prediction is bearish for the short term.
Technical Levels
- Support Levels: $5.26 and $4.37
- Resistance Levels: $7.57 and $9.45
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 in stocks, cryptos or related indexes comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
Source: https://www.thecoinrepublic.com/2024/01/02/filecoin-price-breakout-is-here-will-fil-reach-10-soon/