Filecoin price prediction: Filecoin spikes to $55, prepares to reverse?
Filecoin is a decentralized storage network, where nodes in the network actually earn the network’s native Filecoin token by storing and serving files. A new blockchain network can’t just appear out of nowhere, though. You need to build it—and that’s what Filecoin’s ICO is for. The Filecoin ICO, which was announced on August 10, is an opportunity for anyone to buy Filecoin tokens (abbreviated as FIL) and participate in the Filecoin network. Just as the Ethereum ICO raised funds for the development of the Ethereum decentralized platform, Filecoin will sell tokens to build a decentralized storage network.
Filecoin is a blockchain technology that was developed to serve as a decentralized storage system. The cloud storage industry is a $110 billion one. While there are many companies that are trying to get a share of this market, the situation is still highly controlled by giant corporations. Many people view the decentralized storage system as a step in the right direction towards a more democratic internet.
Filecoin, the cryptocurrency with a goal of decentralizing the world’s data, has seen its price shoot up to $55 at the end of August. With the currency nearing the $60 mark, analysts are expecting a reversal in the near future. As it stands, Filecoin is trading at a significant premium over the $50 mark, and it seems the currency’s price is due for a correction sooner rather than later.</p
Summary of the situation
FIL rejects another drop to $55.
The next resistance is at $95.
The market price is currently around $75.
The Filecoin price outlook for today is bullish, as further declines have been rejected in recent hours. With FIL/USD down more than 75%, we believe the multi-day bearish momentum has been exhausted. Therefore, Filecoin should retest the previous $95 support level as resistance. Heatmap for crypto-currencies. Source: Coin360 The cryptocurrency market is still trading in negative territory over the past 24 hours, despite some recovery in the afternoon. Bitcoin is trading below $40,000 with a 9% loss and Ethereum is at $2,816 with a 17.3% loss. Filecoin had a similar performance, losing 24%. The FIL/USD opened at $100 today after consolidating yesterday. Overnight, the FIL/USD began to decline until support was found around $55. Since then, the bulls have taken over and pushed the price above $75.
Philcoin price fluctuations in the last 24 hours
The price of FIL/USD has fluctuated between $55.12 and $102.65, indicating extreme volatility. Trading volume has risen 118% in the past 24 hours to $2.7 billion. The total market size is about $5.5 billion, which puts the cryptocurrency at number 26 in the overall ranking.
4-hour chart FIL/USD – FIL back above $75
On the 4-hour chart, we see that the market is rejecting another decline above the $55 level. FIL/USD chart 4 hours. Source: TradingView Filecoin’s entire price structure is extremely bearish right now, as it has seen a drop of nearly 70% in the last few days. However, it also means that the bears have probably exhausted themselves and there is not much room left for a lower move. Given the roughly 1,000% rise so far, we should therefore assume that the next big rise will be prepared in the coming weeks. However, the price of the FIL/USD has been trading with great volatility over the past 24 hours. This means that we could see a quick retest of the previous $95 support in the next 24 hours. After that, Filecoin’s price movement could reverse and head back down. As long as there is no strong rise, the structure of the FIL/USD market will remain bearish for the next few days. Therefore, it is better to stay on the sidelines for now and wait for prices to evolve.
Filecoin Price Forecast Supplement
The price outlook for Filecoin is bullish, as the market has fallen nearly 70% from its previous high of $165, indicating attrition. After finding support at $55, the FIL/USD has risen in the last few hours and is back above $75. As a result, we expect the price of Filecoin to rise over the next 24 hours to recoup some of the losses of the past 24 hours. In anticipation of a further rise in the price of Filecoin, read our latest guides on Ethereum and Litecoin, and on Ethereum mining pools. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.At press time, the cumulative value of all Filecoin stood at $55, and the Filecoin price prediction is looking up. The cryptocurrency is currently trading up about 1% against the U.S. dollar. The cryptocurrency’s market capitalization is now $55, which amounts to a market value that puts it in the top 25 cryptocurrencies by market capitalization.. Read more about filecoin price prediction in inr and let us know what you think.
Frequently Asked Questions
How much will Filecoin be worth?
The Filecoin ICO is just around the corner and crypto enthusiasts are buzzing about this upcoming token sale. Filecoin is a decentralized file storage network that aims to compete with companies like Dropbox, Amazon, and Google. While the product looks promising, it’s hard to pinpoint the valuation of the Filecoin token. The token economics themselves are not clear cut. When Filecoin launches later this year, its pre-sale of tokens will likely be one of the largest crowdsales in history. As the Internet continues to grow, there’s going to be a lot of interest in file storage, and Filecoin hopes to capture a significant chunk of the market. But how much could Filecoin be worth? Intro Paragraph: If Filecoin has any hope of reaching its $200 billion market cap goal, then miners will have to use their tokens to pay for storage. But how much will an individual miner have to pay?
Is Filecoin a good investment 2021?
The filecoin price has dropped over the past year from $0.20 to its present value of $0.10. You will be using the token for the purchase of file storage from a decentralized network of computer owners. The token itself is a blockchain and is a utility token, which means you will be able to pay for services and products with the token on the network. Filecoin is a decentralized storage network and cryptocurrency that allows users to rent out their disk space to earn tokens. It is a coin that is made for storage, allowing individuals to earn money by renting out their hard drive. Filecoin is the first of its kind in the cryptocurrency industry. The Filecoin network is made up of three primary layers: The network is a decentralized protocol, and all interactions among its various participants occur through a peer-to-peer network.
Why is Filecoin going up so much?
The Filecoin Network finally went live earlier today. This has caused the coin to rise significantly in price. The Filecoin Network is an innovative new decentralized storage solution. It allows users to store files on the IPFS (InterPlanetary File System) and to pay for storage in Filecoin tokens. The Filecoin Network has been eagerly awaited by the cryptocurrency community since it was first announced in 2014. Filecoin is an interesting cryptocurrency because it is quite different than most of the other blockchain-based cryptocurrencies available today. It is built to be used as a storage platform on which people can store their own data. People who store their data on the Filecoin network can earn Filecoin. This sets Filecoin apart from other cryptocurrencies because it is intended to be a service, not just a currency.