Filecoin price (FIL-USD) has generated massive gains for its holders this year. It is one of the best-performing cryptocurrencies of 2023. FIL coin surged by 215% during the initial 6 weeks of the year. However, the price is now trading significantly below those levels due to the ongoing pullback in cryptocurrencies.
During Tuesday’s trading session, Filecoin crypto looked weak as it slid by 0.38% during the first half of the day. The price also showed a negative price action on Monday and experienced minor losses. As of March 7, Filecoin price is trading at $6.07, which is far below the year high of $9.5.
Many new crypto holders don’t know that they can also mine Filecoin without having to buy it. This is because Filecoin is a decentralized storage protocol that incentivizes its network participants. You can add storage space to the network to earn Filecoin crypto. The mining rewards are directly proportional to the amount of storage space allocated to the network.
The maximum supply of Filecoin is 1.965 billion coins. However, only 359.8 million coins are currently in circulation, and the rest can be mined by the method described above. FIL currently has a market cap of 2.1 billion, which makes it the 31st biggest cryptocurrency in the world. The network stats show that there is 13.38 EiB storage space available on the network.
Technical analysis of the FILUSD chart is pretty straightforward, and the key levels are marked on the following chart. It is quite evident from the chart that the price has been trading within the $5-$11.5 range for the past many months. After briefly dipping below the $5 range lows, Filecoin price reclaimed the level in January 2023. This triggered a massive upswing that took the price close to the range mid that lies at $8.2.
The recent correction in Bitcoin price has created a wave of panic among investors. This has also triggered a pullback in FILUSD. Nonetheless, my Filecoin price prediction is still bullish as the price is still maintaining its uptrend. As long as the price holds the 200-day moving average and the February low of $4.61, my outlook will remain bullish with a target of range highs, i.e., $11.5.