The price of Filecoin is stagnating. FIL is currently trading at $72.18, the level of the last few days. The price of the coin is about 45% higher than its September low in the process, giving it a market capitalization of more than $7.9 billion. This makes it the 24th largest cryptocurrency in the world.
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FIL ecosystem is growing
Filecoin is a fast-growing blockchain project. Its goal is to transform the file storage industry. The idea behind it is relatively simple. The developers have created a powerful and dynamic distributed cloud network that allows businesses and developers to store and access data.
One can use Filecoin to store websites, podcasts, corporate data, apps, and smart contracts, among other things. It is achieved through the now-famous InterPlanetary File System (IPFS), a P2P protocol.
The main Filecoin network was launched in 2020 – since then it has seen significant growth. More than 230 organizations use the network, while more than 460 new projects join the ecosystem. In total, there are more than 3,000 storage providers. As a result, the total storage capacity of the network has grown to more than 12 EiB.
This trend will continue to grow as more and more people become aware of the network. To achieve this, Filecoin has partnered with Chainlink. This is to provide grants to developers. Some of the top platforms using Filecoin include Dapper Labs, Polygon, Mask Network, Near Protocol, Hedera Hashgraph, and OpenSea.
The Filecoin price could skyrocket ahead of the upcoming Filecoin Orbit event. This is an online event where developers showcase their projects. There will also be experts speaking about the industry.
Filecoin Price Forecast
The four-hour chart shows that the Filecoin price has found strong resistance at around $73. It has struggled to move above this level since the beginning of the month. It also appears to have formed a small ascending triangle pattern. At the same time, it has moved above the 25-day and 50-day moving averages.
In doing so, FIL price is between the 23.6% and 38.2% Fibonacci retracement levels. Therefore, the coin might break out to the upside soon as the bulls target the 50% retracement level at $85. That’s about 18% above the current price level.
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