Category: fil

Posted on

Filecoin On Fire: Analyst Torches Doubters With $15 Target

After a period of correction, Filecoin (FIL) is teasing a potential price surge, buoyed by bullish technical indicators and analyst predictions. As of Friday afternoon, FIL is hovering around $5.80, but whispers of a $15 target in the coming weeks are swirling in the cryptosphere.

Recent Price Surge Ignites Investor Interest

FIL has been on a tear lately, defying the overall slump in the cryptocurrency market. Over the past 24 hours, the token saw an increase of over 7%, accompanied by a healthy trading volume exceeding $420 million. This surge in price and activity has grabbed the attention of market watchers, with many speculating on the possibility of a sustained upward trend.

Analyst Eyes $15: Falling Wedge Breakout Hints At Price Reversal

Adding fuel to the fire is crypto analyst World Of Charts, who has expressed a decidedly bullish sentiment on FIL’s future. According to their analysis, the recent price correction appears to be nearing its end.

They point to a confirmed falling wedge breakout pattern, which historically indicates a potential trend reversal. This technical indicator suggests FIL could be poised for a significant rebound, with World Of Charts setting a target price of $15 in the coming weeks.

FIL’s Resilience Bodes Well For Future

Further bolstering the bullish case is FIL’s defiance of the broader downward trend in the crypto market. While many digital assets have been experiencing significant price drops, FIL has managed to hold its ground. This resilience suggests strong underlying support and potential for future growth.


Filecoin: Technical Indicators Flash Green

Technical analysis also paints a positive picture for FIL. The RSI (Relative Strength Index), a momentum indicator, is currently exhibiting a slow but steady upward trajectory. This suggests that FIL is not overbought and has room for further price appreciation.

Additionally, FIL has historically displayed a pattern of high trading volume at price peaks and low volume during price dips. This ongoing trend signifies strength in the token’s price action.

Breach Of Support Could Dampen Optimism

However, the bullish outlook is not without its caveats. A breach below the crucial $5.50 support level could trigger negative sentiment and potentially lead to a price decline. This highlights the inherent volatility of the cryptocurrency market, where unforeseen events can quickly alter price movements.

Furthermore, market sentiment is highly sensitive to external factors such as regulatory news, macroeconomic trends, and technological developments within the crypto space.

Any adverse developments, such as stringent regulatory crackdowns or security breaches, could exacerbate selling pressure and undermine investor confidence.

Featured image from Wallpapers.com, chart from TradingView

Posted on

Filecoin Bull Run On The Horizon? Analyst Sees 250% Surge

Filecoin (FIL), a decentralized data storage network, has experienced a recent surge in value, grabbing the attention of cryptocurrency analysts. The price increase, coupled with bullish analyst predictions, has ignited optimism for FIL’s future.

At the time of writing, FIL was trading at $8.99, down 0.8% in the last 24 hours, but managed to sustain a 1.6% increase in the last seven days, data from Coingecko shows.

Filecoin Price Poised For A Rally?

Technical analysis plays a crucial role in predicting cryptocurrency prices. Analysts like “World Of Charts” emphasize the importance of retesting key support levels. A successful retest, they argue, could pave the way for a significant bullish wave, with estimates ranging from 200% to 250% price increase for FIL.

In 2023, Filecoin experienced its peak performance, with FIL prices surging by 130% from $3.00 to $6.85. Conversely, 2022 marked its lowest point, witnessing a drastic drop of 90% from $34.20 to $3.05. Over the past five years, Filecoin has maintained an average yearly growth rate of 4.05%.

Typically, Filecoin tends to shine brightest in the first quarter, boasting an average gain of 190%, while its performance tends to falter in the second quarter, often resulting in a loss of 58%.

Analyst Shares His Views

This sentiment of World of Charts is echoed by other market observers. “Captain Faibik,” another analyst, encourages investors to capitalize on price dips, expressing confidence in FIL’s future appreciation. Such endorsements can significantly influence investor sentiment and contribute to the overall market dynamics for FIL.

Will Filecoin Reach $20?

Meanwhile, analysis of Filecoin’s (FIL) potential ascent to $20 demands a comprehensive examination given its current dynamics. Despite FIL showcasing strengths like a 65% price surge over the past year and consistent trading above the 200-day simple moving average, several factors could hinder such a substantial climb.

Although FIL has seen 15 green days in the last month, indicating short-term bullish sentiment, it has been outpaced by 60% of the top 100 crypto assets, including leading ones like Bitcoin and Ethereum. Additionally, FIL remains -96% down from its all-time high, indicating a significant historical price decline.

Moreover, FIL faces challenges due to its high yearly inflation rate of 28.81%, despite its strong liquidity demonstrated by its market capitalization. Thus, while the $20 target for FIL isn’t out of reach, attaining it would likely necessitate a sustained positive market sentiment, improved performance relative to other assets, and effective management of inflationary pressures.

Featured image from Pixabay, chart from TradingView

Posted on

Filecoin (FIL) Surges Another 9.3%, Are The Bulls Getting Ready For More?

Filecoin (FIL) has been among the top gainers during the current market rally. Throughout February, FIL has shown a formidable performance fueled by the bullish momentum and its partnership with a major blockchain.

This performance has analysts and important crypto actors predicting a potential bullish run around the corner for the decentralized storage network’s native token.

Should Filecoin Investors Get Ready For A Bull Run?

Pseudonym analyst and trader Crypto Breakout highlighted that FIL broke through a crucial resistance in the 3-day timeframe, signaling that the “bulls return with force.” The chart shared by the analyst illustrates a downtrend pattern in FIL’s price since 2022.

Two years ago, as the chart below shows, the token traded at $11 before facing a pullback that shredded about 70% of the token’s value in the following months. By February 2023, the token recovered and broke through the $9 resistance level before repeating a similar downtrend.

Since 2023, the price has remained well below this level, only breaking through the $8 support zone once at the very beginning of 2024. Throughout January, FIL’s price had a turbulent performance, falling around 40%.

The price has picked up the crypto market uptrend, and, as the analyst highlights, it has been gaining positive momentum. The 3-day time frame shows that FIL has been following an upward trend that led to the token breaking through the crucial $8 support zone this Friday.

As the post suggests, this break out of the downtrend could signal FIL’s “beginning of an epic bullish rally” and that investors should “get ready for exciting moves ahead.”

Renowned crypto analyst Ali Martinez made a similar prediction. Earlier this week, Martinez highlighted Filecoin moving within a parallel channel on the 3-day chart. He suggested a successful breakthrough from the $8.50 barrier could catapult the token’s price to $25.5.

Artur Hayes Predicts $100 As FIL Continues To Rise

After the token’s recent surge, BitMEX co-founder Arthur Hayes shared his FIL prediction. On an X (former Twitter) post, Hayes forecasted that FIL’s price would rally to $100, also calling the arrival of the bull market.

Filecoin, a decentralized storage network, recently integrated with Ethereum’s rival Solana to make its blockchain history more accessible and usable. According to the announcement, the integration is a significant move away from centralized storage solutions, which seek to improve reliability and scalability in the Solana blockchain.

This move has considerably fueled the ongoing upward momentum for FIL. The token has shown a considerable performance in recent weeks, with FIL increasing 53.9% in the last two weeks and 67.7% in 30 days.

The token trades at $8.19 at writing time, representing a 9.6% surge in 24 hours and 39.0% in the last seven days. FIL is currently the 25th largest cryptocurrency by market capitalization, at $4.2 billion, a 12.38% increase from yesterday. Its trading activity also saw a recent rise, with its daily trading volume at $895.2 million, 44% more than the day before.

FIL, FILUSDT, Filecoin

Posted on

Crypto Analyst Predicts 10X Move For Filecoin (FIL) To $70, But Can It Reach ATH?

Over the last day, Filecoin (FIL) has seemingly emerged from the shadows to stage a price recovery of over 10%. This notable move has brought more attention to the altcoin, which had previously failed to follow the general crypto market recovery. On the back of this, one crypto analyst predicts big things for the altcoin, expecting a 1,000% increase in its price.

Filecoin Will See A 10X Rise To $70

In the analysis that was shared on X (formerly Twitter), crypto analyst “Tony The Bull” told his almost 20,000 followers that the Filecoin (FIL) price was gearing up for a massive recovery. The chart shared in the analysis tracks the movement of the coin over the last year, which saw it go from a low below $3 to over $.7, an almost 200% increase. Nevertheless, the crypto analyst believes there is more to come.

The prediction for the Filecoin price from the crypto analyst is that it will rally as high as $70. Now, given FIL’s current trading value, this would mean a 1,000% increase or a 10X increase from here. The analyst seems to believe that the altcoin is entering into a price discovery phase, saying, “I’m gonna find out.”

Tony is not the crypto analyst that forecasts a bullish future for the Filecoin price as analyst Ali Martinez also expects the altcoin to do well. Martinez revealed that FIL is currently trading in a “parallel channel on its 3-day chart” which is usually bullish for price.

However, for the move to be confirmed, the crypto analyst explains that the altcoin must break the “resistance posed by the channel’s upper boundary, set at $8.50.” If this happens, then Martinez expects the price to rise as high as $25.5.

Can FIL Reach A New All-Time High?

In addition to his analysis, Tony The Bull also posits that Filecoin is only 20X away from its all-time high price of around $230, so it is possible that the altcoin could see a run-up to this level. However, this was not well-received by community members, who countered that it would be impossible for FIL to reach a new ATH due to its inflation over the last year.

FIL’s circulating supply has risen drastically over the years, putting it way higher than what it was when it hit its all-time high back in 2021. Due to this, expectations that the altcoin could get back to this level are very low. “With its MASSIVE inflation over the last bear market, FIL will not be making a new ATH,” one user said in response to the crypto analyst.

Nevertheless, FIL continues to show strength in the daily chart. Its price is up 16% in the last 24 hours and 40% in the last seven days, according to data from Coinmarketcap. It is trading at $7.68 at the time of this writing.

Filecoin (FIL) price chart from Tradingview.com

Posted on

Filecoin: Rocky Start Hits Protocol With Slow New Year Progress – Here’s Why

Although the broader market is experiencing a strong start this year, Filecoin has opened the year at a snail’s pace. According to Coingecko, the token is up over 4% in the past 24 hours. However, the week started with FIL bleeding nearly 27%. 

With investors uninspired by the ongoing broader market rally, FIL might be in for a rough few months after ending 2023 on a positive note. 

On-Chain Growth Prevents A Bigger Disaster 

In their most recent blog post, they highlight the recent achievements of the ecosystem. Over 2,442 unique smart contracts deployed on-chain, with over 3,000 projects native on Filecoin. But overall, Filecoin has been fairly silent in terms of development, despite boasting an extremely active developer base with over 15,000 contributors on GitHub.

Swan Chain – a layer-2 protocol powered by Filecoin itself – is the one creating a positive noise. In their recent post on X, the protocol posted a roadmap for this year. 

If Swan’s planned roadmap is followed and implemented, it may reverse the overall bearish attitude on FIL. However, this will inevitably take time, costing investors precious moments on the red rather than starting the year on the green. 

But 2023 was a bountiful year for Swan Chain. In the blog post detailing the protocol’s achievements last year, their testnets Lagrange and Mars covered different aspects of the ecosystem and saw great success. This might be a sign that investors should be in for the long term rather than expect short-term gains. 

Filecoin: More Pain In The Short To Medium-Term?

As of writing, the token is completely in the red after an impressive year-end rally. The bulls are now fighting over control of the $5.825 price level which will provide a better platform for higher highs in in the long term. However, this may not be the case in the next couple of days. 

 

FIL’s market is dominated by the bears that will inevitably bring the token’s price to sub-$5 if the bearishness continues. But this also presents the opportunity for the bulls to slow the token’s descent until they find strong support for the long haul. 

At the moment, $5.231 will be the point at which the bulls will slow FIL’s downward spiral. If they can hold on to this price level in the long run, investors and traders will see gains trickle in little by little. 

Featured image from Shutterstock

Posted on

Arthur Hayes Predicts Early 2024 Crypto Bull Run And Ascent Of Filecoin

On September 13th, Arthur Hayes, co-founder and former CEO of BitMEX, delivered a comprehensive analysis of the crypto landscape at Token2049 in Singapore. His insights, which spanned from macroeconomic trends to the intricate dynamics of AI, culminated in a bullish prediction for Filecoin, a decentralized storage solution in the crypto domain.

Why The Bitcoin And Crypto Bull Could Start Early 2024

Hayes began by dissecting the symbiotic relationship between debt, AI, and the intrinsic value of Bitcoin and cryptocurrencies. Historically, he noted, crypto bull markets have been propelled either by fiat currency liquidity or by groundbreaking technological advancements.

However, a simultaneous convergence of these two driving forces has been conspicuously absent. “Over the past decade, one of these two factors has always been the reason we’ve had a bull market in crypto. Yet, we haven’t witnessed a bull market where both were present at the same time,” Hayes remarked.

Assuming that both factors could play out next year, Hayes ventured a bold prediction for the crypto sector’s trajectory. “I believe the next bull market in crypto could commence in early 2024. This could potentially be the most significant bull market not only for cryptocurrencies but also for risk assets since the eras of World War II and the Great Depression,” he stated.

Diving deeper into global economic trends, Hayes highlighted the alarming acceleration of global debt, especially in the wake of the COVID-19 pandemic. He presented a stark picture of the US public debt maturity profile, emphasizing the looming challenges. “What do governments resort to when faced with a mountain of debt that needs issuance, but there’s a dearth of willing buyers at feasible interest rates? The answer is simple: they print money,” Hayes elucidated.

As the discussion transitioned to technology’s intersection with crypto, Hayes identified AI as the prevailing zeitgeist. Drawing parallels with past technological revolutions, he emphasized AI’s transformative potential within the crypto space. He cited the meteoric adoption of AI technologies, such as Chat GPT, and the burgeoning investments in AI-centric firms like NVIDIA as testament to this trend.

Will Filecoin Rise From The Ashes?

Hayes then meticulously connected the dots between AI’s demands and the indispensable role of decentralized storage in the crypto ecosystem. He posited that centralized storage solutions, while prevalent, pose significant risks, especially for burgeoning AI applications.

“Why does AI, a dominant force in the crypto and tech sectors, necessitate decentralized storage? Relying on centralized solutions like Amazon means entrusting vast swathes of data to entities that can unilaterally alter terms, hike prices, or even shut down services, potentially under governmental directives,” Hayes explained.

This line of reasoning led Hayes to spotlight Filecoin, emphasizing its significance in the crypto landscape. Despite its dramatic price decline from its zenith, Hayes championed the untapped potential of Filecoin. “Filecoin’s value in the crypto space isn’t merely speculative. It’s down nearly 99% from its peak of $300 to $3 today. Yet, its tangible utility is evident, with real customers actively using the network and significant data being stored,” he detailed.

Hayes further highlighted his investment in Seal Storage, a Filecoin storage platform. SEAL has undertaken a project named Atlas, associated with CERN, the renowned European particle accelerator. By leveraging SEAL, CERN aims to optimize data costs, and in return, SEAL garners rewards in Filecoin for hosting this data on the network. This synergy isn’t exclusive to CERN.

The University of California, Berkeley, recognizing the potential, has integrated SEAL for analogous purposes. Furthermore, SEAL’s innovative approach has caught the attention of other prestigious institutions, leading to collaborative ventures with NASA and various esteemed universities across the United States.

At press time, Filecoin (FIL) traded at $3.11

Filecoin FIL crypto

Posted on

Filecoin Experiences Sharp Sell-Off, Potential For Price To Drop Below $5

The bearish onslaught has taken a toll on the price of Filecoin, which slipped below the $6 mark, and the bears now have a strong foothold. On the one-day chart, Filecoin is showing consolidation with a loss of 1.1%. Over the last week, the coin has depreciated by nearly 17%.

The technical outlook for Filecoin indicates bearish pressure, with a drop in demand and accumulation. If sellers push further, it will add to the bearish pressure.

Bitcoin’s struggle to stay above $30,000 has affected other altcoins, keeping them below their immediate resistance levels.

The demand must recover in the next trading sessions for FIL to jump above the $5.50 price. The decline in the market capitalization of Filecoin over the past day also indicates growing selling pressure. Broader market strength remains crucial for the altcoin’s price movement over the subsequent trading sessions.

Filecoin Price Analysis: One-Day Chart

Filecoin

At the time of writing, the trading price for FIL was $5.26. Following its drop below the $6 mark, Filecoin has experienced a continuous free fall. The coin faces overhead resistance at $5.60; surpassing this level will push the coin towards $6, with a potential attempt to trade at $6.30.

Conversely, failing to trade at the current level will establish local support for the coin at $4.90. If the price falls below this level, it will reach $3.80, strengthening the bears. In the last session, the amount of Filecoin traded was in the red, indicating a drop in demand.

Technical Analysis

Filecoin

Over the past few trading sessions, the buying strength for FIL has decreased considerably due to a fall in demand. The Relative Strength Index showed that the buying strength had depreciated, and selling strength had taken over, as the index was below the 40 mark.

Additionally, the FIL price dropped below the 20-Simple Moving Average line, indicating that sellers had taken control and were driving the price momentum in the market. However, if Filecoin surpasses the $5.60 mark, the coin may rise above the 20-SMA line, bringing back the bulls.

Filecoin

At the time of writing, Filecoin gave sell signals in line with other technical indicators. The Moving Average Convergence Divergence showed red histograms, indicating sell signals for price momentum and trend reversals.

These signals suggested that FIL may experience further decline over the next trading sessions. The Awesome Oscillator, which measures price momentum and movement on the chart, formed red bars under the half-line, indicating that sellers had taken control of the market price and that FIL was experiencing bearish momentum. For the coin to initiate its recovery, FIL must surpass the overhead ceiling.

Posted on

Filecoin (FIL) In Bearish Clutch, But May Easily Escape And Recover

It isn’t easy to break free from a bear’s clutch, but Filecoin (FIL) has its ways.

  • FIL price performing well despite the bearish grip
  • Price retreats by 8.06%
  • RSI, CMF showing selling edge and bearish behavior

By putting a stop to the heightened selling activity, FIL was able to bounce back from the $5-mark. With that, the coin was able to make a successful comeback while still somewhat pinned down by the bears.

With FIL going through the motion of its 20/50/200 EMA, it shows a somewhat consistently slow trend or movement that could happen in the next few sessions. Now, if FIL won’t manage to hang on to the $5 baseline, the altcoin may likely be pulled further down.

According to CoinMarketCap, FIL price is trading at $5.70 or showing an 8.06% decline as of this writing.

FIL Bulls Keen To Guard The Baseline

Ever since FIL has capsized to its all-time low registered on June 18, the bulls are keen to guard the $5 baseline. A quick breach that went above $7.35 was definitely a come-on, especially with the bullish momentum but it was good while it lasted.

Chart: TradingView.com

On the flip side, the plunge that shoots under the 20 and 50 EMA has stirred a bullish invalidation seeing that the altcoin seems to facing some difficulty in breaching the five-week resistance zone. A bearish crossover of the above EMAs shows off the selling propensity of Filecoin.

A dull region may be close to FIL’s POC or Point of Control as seen in the $5.6 zone. At this point, the FIL bulls will most likely gather enough strength to test the key resistance.

The recovery efforts by the altcoin might face some challenges in the $6 to $7 range which could be evident in the next sessions.

FIL Resilient Despite Bearish Grip

RSI for Filecoin has shown a selling edge and slipped from its position that sits above the midline. CMF is also showing bearish streaks after it has closed below the zero range.

Additionally, DMI lines were also shooting for a bearish crossover but Filecoin’s ADX continues to show a weak directional trend.

With the breakout seen under the daily 20 and 50 EMAs plus the robustness depicted by the five-week key resistance, sellers could take this as a hint to place recovery barriers in the next sessions.

More so, investors and traders should always take some cue on the BTC and ETH movement and how it impacts FIL and other altcoins as a while before making any move.

FIL has always had an impressive track record. In fact, FIL had a spike of 2.74% seen on September 2 showing that the altcoin can hold its head despite from the bearish grip.

FIL total market cap at $1.4 billion on the daily chart | Source: TradingView.com
Featured image from Invezz, chart from TradingView.com

Posted on

Filecoin Cruises Near Resistance, Now Attempts For A Breakout

Filecoin (FIL) price action shows the formation of a flag and pole pattern that indicates a bullish movement.

  • Filecoin price displays a robust uptrend with a bullish flag and pole pattern.
  • Four-hour time frame for Filecoin showed the formation of a symmetrical triangle pattern
  • Filecoin currently trades at a long-term supply range following a breach of short-term key resistance

 Currently, Filecoin price trades at a long-term supply level after successfully breaching a short-term key resistance.

Prior to the breach, FIL price has been in convergence for quite some time. With that said, the breach of the supply level has made a tremendous impact which blasted a robust bullish streak.

Filecoin Shows Robust Upward Movement

Following a robust bullish movement, FIL coin price has started consolidating once again and creating higher high as well as higher low patterns seen on a daily time frame.

According to CoinMarketCap, the Filecoin price has been highly bullish trading at $8.55 with a surge of 0.69% as of this writing.

As of press time, FIL coin price has breached the critical 50 and 100 EMAs. More so, the coin currently trades midway of the Bollinger band indicator after it failed to outpace the upper bands. More so, trading volumes for the coin have also surged following the breach.

At this point, investors are advised to keep an eye for any signs of a breach in the bullish flag and pole pattern, and then act fast.

FIL Price To Surge Once It Breaches Flag, Pole Pattern

Given a 4-hour time frame, the FIL coin price is observed to form a symmetrical triangle. The ADX curve has also spiked on a higher time frame as it moves in sync with the coin’s uptrend which hints at a rally in FILE coin price.

Judging by the daily time frame, the ADX curve is seen to have swerved past the 20 levels and shifted upwards. On 4-hour time fame, the coin is spotted currently sitting in the short-term demand zone. At this point, investors need to wait for the formation of a positive candle in the demand area.

FIL coin’s RSI is showing trading activity at the 50.41 mark. Its RSI also shows a crossover on the 50 zones. Remarkably, the FIL coin price revealed a breach seen at a robust supply zone. In the event that the coin price manages to breach the bullish flag and pole pattern, the RSI will also quickly swing upwards. RSI curve also shows that it has successfully crossed the 14 EMA which defines a short-lived bullish movement.

The Supertrend indicators are also very optimistic, especially with the breach of the critical small-term supply mark as seen on the daily time frame which also prompted the continuous rallying of coin prices.

Crypto total market cap at $1.15 trillion on the daily chart | Source: TradingView.com

Featured image from Binance Academy, Chart from TradingView.com

Posted on

Polygon Links With Filecoin, How Users Will Benefit From Free Storage

Layer one network Polygon continues to expand and solidified its position in the crypto space. Recently, they announced a new partnership with Filecoin, a network that allows users to store and transfer data via a native marketplace.

The cooperation launched the Filecoin-Polygon Bridge, to increase their interoperability. Built by the Textile team, the bridge enables users to use any Polygon mainnet to connect with Filecoin’s storage and

(…) start storing data on Filecoin from any Polygon address without any conversions, signups, developer tokens, or secrets exchanged.

In addition, Textile, Polygon, and Filecoin announced further incentives for users and developers to leverage the bridge. For the foreseeable future, they will cover all storage costs for every project using the Textile Filecoin Storage Bridge. Thus,

Filecoin will bring greater functionality to Polygon applications that require decentralized and verifiable data storage.

The bridge will be “gradually” improved to increase its usability and will launch a governance model. In that way, the community will have the power to decide the direction of the project and will operate as an additional incentive for users and developers to jump in and participate.

½ 📢 @Filecoin is coming to Polygon!

📂 @textileio’s Filecoin-Polygon Storage Bridge can store data from any Polygon address owner accelerating the Web3 interoperability between Polygon & Filecoin ecosystems.

🌐 Learn more: https://t.co/IN7gcXH4Wo pic.twitter.com/C6Ux0s36aD

— Polygon (@0xPolygon) August 20, 2021

The bridge will benefit from Filecoin’s features, and any app, smart contract, or service will still rely on the InterPlanetary File System (IPFS) to retrieve data. Information will be available on an entity called “storage contract” to be created with miners operating on the Filecoin Network.

One of Textile’s main objectives is to improve Polygon, and other blockchains capacity to hold and transfer data:

Filecoin brings many of the best parts of the IPFS stack, including verifiable data, peer-to-peer (p2p) data exchange, de-duplication, and more. We can create a more secure data storage layer for Polygon applications and their users (…).

An Improve Storage Layer For Polygon, How Does It Work?

According to a blog post published by Textile, the Filecoin Storage Bridge to Polygon is supported by two concepts. The first is “deposit” and is power by an API that enables them to take place on-chain, the second is “storage” power by several APIs that “interact off-chain with a storage validator that will interface with Filecoin”.

This system offers protection against bad actors and potential Sybil Attacks, as users must deposit funds proportional to the length of time that they’d like to keep their data storage, Textile clarified. The default amount to be deposited for an hour of storage is 100GWEI per second or 0.00036 MATIC every hour.

As seen in the chart below, research firm Messari records an increase in total value locked on Polygon. This metric, as research Ryan Watkins said, has many detractors but can be used as a proxy to determine “how much value” users place on the smart contracts running on this ecosystem.

Source: Messari

The metric has seen a recovery after a decline during June and is “trending nicely” towards previous highs. At the time of writing, MATIC trades at $1,64 with an 8.3% profit in the daily chart.

MATIC follows the general market sentiment with a rally in the daily chart. Source: MATICUSDT Tradingview

Posted on

Filecoin (FIL) Sells Off After Delivering Grayscale-Driven Bumper Rally

Filecoin dropped ahead of hitting its previous record high, near $273.57, prompted by profit-taking among traders.

FIL Market Outlook

The FIL/USD exchange rate slipped closed Thursday down 2.82 percent despite logging its second-best historic level of $239.94 in the same session. Traders started securing their profits at the local top amid falling bids, leading to a 22.65 percent decline ahead of the session’s end.

Filecoin stabilizes near $180 after its recent rally. Source: FILUSD on TradingView.com
Filecoin stabilizes near $180 after its recent rally. Source: FILUSD on TradingView.com

Friday was slightly better as Filecoin attempted a brief rebound. The coin managed to float above its newfound support area near $180 while pursuing a retest of its recent high of $239.94. Its revival following the overnight sell-off appeared as a part of a broader uptrend across the altcoin market.

Read further: TA: Ethereum Revisits $2K, Why The Bulls Are Not Done Yet.

The price action showed investors’ continued trust in the Filecoin ecosystem. In general, it is a platform that allows users to sell their excess digital space on an open platform. Storage providers and users conduct traders over its blockchain using FIL token.

Meanwhile, FIL has a limited supply cap of 2 billion tokens. About 600 million of those FILs stay with Filecoin’s parent company Protocol Labs (with 6-year linear vesting) and its team and investors (again, with a 6-month to 6-year linear vesting). Meanwhile, Filecoin has allocated about 2.5 percent of the total 600 million FIL to fund its fundraising or ecosystem development.

The rest of the FIL supply powers the supply storage trades atop the Filecoin protocol, thereby ensuring that the token has a concrete utility and long-term value.

Institutional Accumulation Brings Retailers

New York investment firm Grayscale Investments introduced a Filecoin trust in March to its range of similar crypto-enabled services. In retrospect, the firm enabled institutional investors to gain exposure in the FIL markets without purchasing or managing the token. That prompted Grayscale to increase its FIL reserves, reflecting that institutions showed interest in the Filecoin project.

Grayscale Filecoin Trust increases FIL holdings. Source: ByBt.com
Grayscale Filecoin Trust increases FIL holdings. Source: ByBt.com

Two weeks after its introduction, Grayscale Filecoin Trust added 45,550 FIL to its reserves. The firm continued to hold it, showing no concrete selling pressure from institutions. That shows that the latest FIL plunge surfaced from the retail market.

Wu Blockchain, a fintech journalist, based in China, said the demand for FIL tokens is coming from the mainland.

“China is crazy for Filecoin, with a 24h increase of more than 30%, reaching a maximum of $236. The 24h trading volume of FIL in Huobi, China’s largest exchange, reached $24.2b, nearly three times the volume of the second ETH $8.8b, Bitcoin was $7.8b. FILDOWN, a short-selling leveraged token in Binance FIL, plummeted by 53%, with a turnover of US$3.4 billion, indicating a large number of short FIL liquidation in Binance.”

Photo by kaleb tapp on Unsplash 

Posted on

Up 138% in one week, is Filecoin bound for a crash?

After a rough start, Filecoin has managed to break into the top 10 leading cryptocurrencies by market capitalization. After overtaking Chainlink (LINK) and Theta Network (THETA), with a rally of 138% in one week and 418% in one month, FIL took over the tenth position.

Founded by Juan Benet, creator of the InterPlanetary Files System (IPFS), and developed by Protocol Labs after receiving $257 million in its Initial Coin Offering, the platform has managed to attract a lot of attention in China, as journalist Colin Wu reports.

Data shared by Wu indicates that FIL has seen a 30% increase in its trading volume for the last 24 hours on Huobi’s platform. The cryptocurrency has managed to reach a new all-time high based on increased buying pressure and demand for the cryptocurrency.

The daily trading volume stood at $24.2 billion. In contrast, the daily trading volume for Ethereum stood at $8.8 billion and $7.8 billion for Bitcoin. The rapid increase in price has had negative consequences for investors with short positions, as Wu notes:

FILDOWN, a short-selling leveraged token in Binance FIL, plummeted by 53%, with a turnover of US$3.4 billion, indicating a large number of short FIL liquidation in Binance.

Increase in institutional demand for Filecoin

Additionally, Wu recorded an increase in transactions for the FIL/USD pair on Coinbase’s Pro trading service. After FIL’s price surpassed the $180 barrier, “transactions with high credibility were recorded on Coinbase,” according to the journalist. Wu added:

Distributed storage has become popular. Filecoin continues to climb to 136U, HOT has risen by nearly 40% and 2500% year-to-date, its market value is close to that of HT, the token of China’s largest exchange.

FIL’s price appears to have increased following the launch of Grayscale’s Trust based on this and other cryptocurrencies to expand its product suite. In addition, the teams behind platforms Filecoin and Livepeer have announced a “co-mining” program. According to an official release:

Livepeer is launching a co-mining pilot with Filecoin to enable Filecoin miners to become Livepeer video miners while continuing to mine on the Filecoin network by storing transcoded video data.

Thus, miners of these cryptocurrencies will be able to obtain higher profits and “additional economic opportunities”. Filecoin’s mining mechanism requires miners to obtain token FIL to make a “bid/initial response”. The latter has contributed to the increase in buying pressure for the token.

Demand from companies and start-ups to use Filecoin’s platform also seems to be accelerating, as indicated by a recent report from its team.

Trader Fiskantes believes the coin is “massively overvalued” and could see a 90% drop. This is mainly based on FIL’s increase supply that will double in the next 3.5 years. However, the high number of partnerships and interest from China could contribute to the prolongation of this token’s rally. At the time of writing, FIL is trading $190 with gains of 3.8% in the last 24 hours.

Filecoin FIL
FIL showing small gains in the 24-hour chart. Source: FILUSDT Tradingview
Posted on

How Filecoin is up 50% in a week and could take more profits

After a week of significant gains, Filecoin (FIL) is shaping up to become one of the biggest earning cryptocurrencies of the month. Journalist Colin Wu has recorded increasing interest in the cryptocurrency and its file-sharing platform:

Filecoin surpassed $100, benefiting a large number of Chinese miners and investors. Reasons: the first investor token will be released over, Coinbase launched new storage tokens, the dual mining test of Filecoin and LPT started, the cooperation between Filecoin and LINK, etc. (…) A lot of Chinese funds are entering this industry.

Grayscale announcement and Chainlink’s partnership

With an annualized fee of 2.5% and $1.3 million in assets under management, investment firm Grayscale announced its Filecoin-based trust. The firm’s product will hold 16,000 outstanding shares that will be worth 0.99 FIL per share.

Another announcement around Filecoin that has positively impacted its price was consolidated with Chainlink. The cooperation will allow Filecoin’s integration with Chainlink’s oracle service to form “a bi-directional connection”:

As a result, smart contract developers will have a full Web 3.0 infrastructure stack including blockchains for on-chain logic and state changes, Chainlink oracles for off-chain communication and computation, and Filecoin for decentralized storage and data solutions.

In Grayscale’s latest report, the firm reported $40.3 billion in assets under management. The Grayscale Bitcoin Trust (GBTC) continues as the largest product with $34 billion of that total, followed by the Grayscale Ethereum Trust (GETH) with $5 billion.

Filecoin has managed to make significant gains, as mentioned, over the past week with a 27% rise to stand at an all-time high of $115. On the weekly and monthly charts, FIL shows gains of 177.1% and 229% respectively.

Filecoin FIL
Filecoin with strong upside momentum. Source: FILEUSDT Tradingview

The partnerships that have merged on Filecoin’s platform have given it the momentum to defy the downtrend negatively affecting Bitcoin’s price. Investors’ confidence in China and more buying pressure from Grayscale’s product might continue to push FIL’s price to new highs.

Posted on

Grayscale launches 5 new trust includes LINK, BAT, FIL

According to a press release, Grayscale Investments has added 5 new products to its Trusts offer. Expanding it to 14, Grayscale will have a Basic Attention Token, Chainlink, Decentraland, Filecoin, and Livepeer Trust.

Grayscale is one of the most important crypto investment firm. Eligible investors can now subscribe to the new trusts, they will operate as the firm’s other products with “periodic ongoing private placements”.

In the release, Grayscale claims their offer is among the first investment products based on the referred cryptocurrencies. The firm already offers trusts based on Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar Lumens, and other digital assets.

Cryptocurrencies reached an inflection point

The trusts have been added after “a robust process” of research and assessment of the potential for each cryptocurrency, as CEO Michael Sonnenshein told Bloomberg. The executive claim they have a list of over 30 to 40 products which they “want to bring to the market”.

The firm works to “reconcile” investors’ interest in a cryptocurrency and “compelling opportunities”. Sonnenshein said:

There are many Grayscale products that have historically been a little bit before their time, before they began to resonate with investors sufficiently.

As per their latest report, Grayscale has over $42,9 billion assets under management. The Grayscale Bitcoin Trust (GBTC) remains the most important with $36 billion. Grayscale CEO added:

Digital currencies have reached an inflection point. Investor demand has never been higher, and every day we’re seeing new entrants to what has surely become a bona fide asset class. Grayscale has long been the leader in creating novel pathways for investors to access the opportunities that digital currencies may offer, and this announcement carries on that tradition. We look forward to working with our global investor base, our growing team, and regulators to continue to move this industry forward.

Grayscale products have been of the recipients of investors looking for crypto exposure. Almost all of the cryptocurrencies recently included are showing good performance after the announcement.

LINK (13%) native token of the Ethereum-based oracle service Chainlink, FIL (35%) Filecoin’s token use to pay to store files, BAT (31.1%) a token that enables users to track their interest in properties store digitally, MANA (11.1%) Decentraland’s token utilized to acquire virtual land have been on the green zone in the last 24 hours.

However, Livepeer (LTP), a network for content delivery, has seen the biggest gains. With more than 183% in profits over the past day and 414.9% in the last two weeks.