Skip to main content

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.


My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more