Filecoin price moved sideways on Monday even as cryptocurrencies continued their recovery. The FIL token was trading at $8.28, which was slightly below this month’s high of $11.34. However, it is about 70% above the lowest level this year, giving it a market cap of over $2.19 billion.
Filecoin is a leading blockchain project that is in the file storage industry. The platform helps companies and developers to simplify their data storage needs. Instead of relying on large data centers, it lets people provide their free storage. This storage can be in their smartphones, computers, and their home and office data centers.
These people can then earn money whenever their data is used. As a result, Filecoin’s aim is not to disrupt conventional cloud storage companies like Microsoft, Alibaba, and Google. Instead, its goal is to create an alternative that these companies can use to store their data on the internet.
Filecoin has become relatively popular among developers recently. It is widely used by leading developers like Brave Browser and OpenSea, among others. In addition, Filecoin is used by storage miners who provide storage, retrieval miners who receive tokens by serving data, and clients who pay to store and retrieve data.
Filecoin price has done well in the past few months as investors focus on the recovery of cryptocurrencies. However, a close look shows that most coins have rallied, bringing their total market cap to over $1.2 trillion.
The four-hour chart shows that the FIL price found a strong support at $4.9755 this year. It struggled and failed to move below that support several times in June, July, and August. Recently, the coin has jumped above the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) has moved from the overbought level.
Therefore, the Filecoin price will likely continue rising as bulls target the next key resistance level at $16.45. A drop below the support level at $7.68 will invalidate the bullish view.
This post was last modified on Aug 15, 2022, 09:31 BST 09:31