Filecoin

Billion

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Filecoin storage utilization has seen a 7% growth in Q2 as per a report by Messari.</a> </li> 
 <li> <span>2</span> <a>FIL price is currently observing a consolidated trend in price. It has observed a drop of 1.5% in the intraday session.</a> </li> 
</ul> 
<p>Filecoin is a decentralized storage system that aims to store the most essential information. The protocol aims to store data in a decentralized manner which means the community is solely responsible for the development of the protocol&nbsp; It was founded by Juan Benet.</p> 
<p>Filecoin has active miners of 3483 and has a block reward of 13.38 FIL. It has a total supply of 1,961,757,222, of which 437,384,607 is currently circulating in the market. Recently, Messari published a report in which it stated that the storage utilization of Filecoin has seen a growth of 7% in Q2 2023. FIL token price has seen a decline of over 98% from its all-time high but can see a reversal soon. Various analysts are expecting strong growth in price in the near future.</p> 
<p>Filecoin has a market cap of $1.91 Billion and is ranked 30th in the CMC. The volume of the asset price has observed a decline of over 23% in the intraday session. The volume-to-market cap ratio of the FIL is near 5.54%, suggesting a consolidated trend in price.</p> 
<h2 class="wp-block-heading" id="strong-will-fil-hit-a-new-high-soon-strong"><strong>Will FIL Hit A New High Soon?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large is-resized"> 
  <img decoding="async" loading="lazy" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Filecoin-technical-analysis-1024x460.webp" alt="Filecoin technical analysis" class="wp-image-153818" width="1024" height="460" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Filecoin-technical-analysis-1024x460.webp 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Filecoin-technical-analysis-300x135.webp 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Filecoin-technical-analysis-768x345.webp 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Filecoin-technical-analysis-1536x690.webp 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Filecoin-technical-analysis-750x337.webp 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Filecoin-technical-analysis-1140x512.webp 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/Filecoin-technical-analysis.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: trading view 
  </figcaption> 
 </figure> 
</div> 
<p>Filecoin is currently trading in a consolidated trend on the weekly technical chart. On the daily chart, the asset price is trading near the value of $4.39, with a small drop in the intraday session. FIL token price is currently in a strong consolidating range. The upside trend of FIL can see a halt near the value of $6. Meanwhile, the support of the asset price can be seen near $4. The asset price is currently trading below the 50 and 100 Daily Moving Averages. If the price of the asset jumps above the DMA, then a strong upside trend in the future can be observed.</p> 
<p>The RSI of FIL is near 52, suggesting its presence in the neutral zone. There is a small downside slope in it, hinting towards a bearish trend in price.</p> 
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3> 
<p>Filecoin is seeing a steady growth in storage utilization capacity. <a href="https://www.thecoinrepublic.com/2022/04/01/fil-token-price-analysis-fil-token-price-is-in-a-downtrend-what-will-happen-next/" rel="noopener noreferrer nofollow">FIL token price</a> is currently observing a weak consolidated trend. It may see a recovery in the price in the near future, as per various analysts.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<p>Major Support:$4</p> 
<p>Major Resistance: $6</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Filecoin Price Prediction: Will FIL Price See A Breakout To $10 Soon?

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