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Tag: FIL Coin

  • Filecoin (FIL) Under Bullish Divergence?

    Filecoin (FIL) Under Bullish Divergence?

    After crossing the $200 mark – at the all-time high of $237 – Filecoin (FIL) suffered from market corrections and established a downtrend. At the time of writing, Filecoin stands at $143. The price has increased by nearly 10% in the past twenty hours while the daily trading volume has gone up by 20%. The future price actions will make it clear whether Filecoin has turned bullish or is under bullish pullbacks only.

    The technical indicators may be shifting from bearish to bullish as, at the time of press, they stand at a neutral position. Out of the 24 technical indicators, nine stand at a sell position, eight are neutral while seven indicators are giving out a signal of buy. The oscillators are mainly neutral while the moving averages are bearish.

    Trader TheDots is bullish on Filecoin in his Filecoin price analysis. Per the trader, Filecoin is under bullish divergence, albeit weak. The cryptocurrency is approaching towards the end of the bull flag where Filecoin established a new time high compared that with the contraction of Bollinger Bands – hinting lower volatility – the trader suggests results in a promising scenario for Filecoin.

    The decentralized storage system has been one of the leading cryptocurrencies in the bull run. The price rally of the coin resulted in it being in the top ten cryptocurrencies by market capitalization; however, it now stands at 18th rank in the market. Filecoin’s price rally had been said to be primarily driven by the Chinese community, apart from institutional interest like Grayscale which added the cryptocurrency to its fund.

    Filecoin’s trading volume surpassed Ethereum and Bitcoin the day it established its all-time high on the largest Chinese crypto exchange, Huobi. Chinese miners are required to keep Filecoin as collateral which drives demand for the cryptocurrency in the community. Moreover, Filecoin mining has also been becoming increasingly popular amidst shortages of BTC and ETH mining rigs.

  • Filecoin (FIL) under the spotlight: Recent developments you should know

    Filecoin (FIL) under the spotlight: Recent developments you should know

    Filecoin is a decentralized block chain solution that allows users to rent out free storage space on their disks. Filecoin (FIL) cryptocurrency is a project of Protocol labs and has been in the works since 2017; however, the cryptocurrency was launched on the mainnet in 2020.

    Filecoin price developments

    Filecoin established its all-time high right after the launch at the price of $62 but fell towards $30 afterwards and stayed there. It was not until February that Filecoin (FIL) picked up bullish momentum. The cryptocurrency surged upwards and has been on an upward trend ever since. As of this writing, Filecoin stands at $89 which is also the new all-time high. The bullish trend is expected to continue and, hence, Filecoin is set to establish higher highs subsequently.

    In the 24-hour timeframe, Filecoin cryptocurrency’s price observed a positive change of around 10% while the daily trading volume increased by 54%. Filecoin is ranked at 21 in the market. The market capitalization of the coin, too, increased by around 10%.

    The market sentiment for the cryptocurrency is bullish with a majority of the technical indicators giving out a signal of buy. Ten of the indicators are giving out a neutral signal while fourteen indicators are standing at a buy position with zero indications of sell. The oscillators are neutral while the moving averages are strongly bullish.

    Recent developments

    TL;DR Breakdown:

    • Coinbase listing of Filecoin
    • New Universal enters Filecoin mining
    • Grayscale Investments opens up Filecoin Trust

    Coinbase listed the cryptocurrency in December which caused a surge in the price of Filecoin. Only after two months of launching on the mainnet, the cryptocurrency started to gain popularity as major cryptocurrency exchanges started listing the coin.

    A Chinese manufacturing company by the name of New Universal – Newu – has decided to enter into Filecoin mining. The Shenzen-listed company has revealed a recent contract signed with an electronic manufacturer for the mining. Newu is set to buy around $90 worth of electronics for the mining process of Filecoin (FIL). The company has set a precedent for other Chinese companies by moving into Filecoin mining.

    The asset management firm – Grayscale Investments – has been very active in the crypto field. The trusts of the firm are very popular among investors and come usually as a direct result of client demand. As Filecoin crypto surged and gave phenomenal performance, it did not go unnoticed by Grayscale. The firm has announced the opening of a Filecoin trust along with Chainlink.

    Protocol Labs has found itself tangled in a scandal. The cryptocurrency suffered from a double deposit issue and news circulated that the block chain of Filecoin has a bug that resulted in the double spend. Protocol Labs has denied the allegation and instead stated that the misuse of Filecoin by exchanges has resulted in the problem. However, the double spend problem has had next to impact of the price of the cryptocurrency as it continues to surge upwards.