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.
If you want to find more details about the price of Filecoin and to read the latest financial headlines in the world, download for free our companion app. The Born2Invest mobile app keeps its readers up to date with the most important market updates.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
French National Bank to Test a CBDC Digital Currency
The largest CBDC trial to date was just launched by the French central bank. France is the largest eurozone country...
Heuristik Opens its Capital to Make the Leap to Europe and the U.S.
Heuristik has already committed the support of two business angels of Spanish origin, whose names have not been disclosed. In...
Omers Acquires 49% of the Australian Subsidiary of Fotowatio
OMERS Infrastructure's global renewable energy holdings include Leeward Renewable Energy, a growth-oriented renewable energy company that owns and operates a...
Has Your Company Had an IPO Recently? Here’s How to Decide Whether to Hold or Sell Your Stock
In 2021, many companies with IPOs saw huge increases in their stock prices in a short time, adding millions in...
The Exodus of Chinese Miners Leads to New Electricity Tariffs in Russia
Many conditions make Russia ideal and attractive for mining cryptocurrencies. It is one of the countries with the highest electricity...
Biotech2 weeks ago
Canada’s Hidden Health Crisis: Is This Company the Only One Paying Attention?
Cannabis2 weeks ago
The First Bottles of Medical Cannabis Oil Delivered to Patients in Jujuy, Argentina
Cannabis1 week ago
Malta Might Soon Legalize Private Cannabis Consumption
Featured2 weeks ago
Carbon Emissions: the Levy Under the Paris Agreements