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Filecoin is gaining momentum as investors pounce on fallen angels

 


Filecoin price surged Monday as investors rushed to the cryptocurrency's fallen angels. The coin is up over 30% in 24 hours, hitting its highest level since February. Other fallen angels such as Zilliqa, VeChain and Internet Computer also jumped up.


Inversion of the yield curve

Filecoin is a blockchain project that aims to provide a better alternative in the file storage industry, which is currently dominated by companies like Amazon and Google.


The platform uses a decentralized approach to allow anyone to become a data center provider by sharing their free storage space and bandwidth.


The benefit of this model is that it ensures data is more secure than that stored on centralized platforms. Also, the data is usually close to the users, which helps reduce the lag that exists today.


Filecoin is widely used in the blockchain industry. For example, many developers choose the platform as an alternative to file storage. It has also gained market share as a valuable platform for storing non-fungible tokens (NFT).


Filecoin was once one of the hottest cryptocurrencies in the industry as it ranked in the top 20. However, it has lost its luster in recent months, falling as demand for the coin waned. Competition from alternatives such as Storj and Arweave also continued to increase.


Filecoin price surges as investors embrace once-hot coins like VeChain and Zilliqa. The jump is also likely due to the power of the Filecoin Virtual Machine, which is a useful tool for Web 3.0 applications and the metaverse.


The recovery is also due to the ongoing rally in Bitcoin, Ethereum and other cryptocurrencies. It is notable price action considering the macro picture seems uncertain with the yield curve inversion.


Filecoin price prediction

The 4 hour chart shows that the FIL price has been in a strong uptrend for the past few weeks. This rally started when it found strong support at $16.90. FIL has now moved above the 25-day and 50-day moving averages. It is also approaching the key resistance level at $26.25, which was the highest point on February 8th this year.


Therefore, there are chances that Filecoin price will continue higher as the bulls target the next key resistance level at USD 30.


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