Filecoin addresses a problem that could emerge in the future since cloud storage is a free service from most online technology companies, be it Adobe, Google, Facebook, Gmail, YouTube, or other tech firms. The storage of data in these firms is centralized, which can be accessed by these firms despite their promotion of two-factor authorization and encrypted data. Filecoin was offering similar services but from a decentralized standpoint.
Filecoin entered the cryptocurrency market during the first major peak season of December 2017. Since then, FIL has faced stiff consolidation and no growth until 2020. As October created a breakout scenario, the FIL token jumped from $5 to peaks of $40.
2021 saw a major boost to this blockchain as its token value jumped from $22 to $190. As the speculative clouds cleared, buyers started booking profits, and the rest is known to all as crypto winter. At present, FIL has entered lower levels not seen in the last two years.
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Despite offering revolutionary technology, it seems that decentralized data storage is not the need of the hour. However, despite the negative performance of its tokens, FIL ranks at 39th position with a $1,289,720,937 market capitalization, close to 97% of its token supply in active circulation.
FIL token faces a narrow consolidation showcasing a lack of interest either from buyers to direct the price towards a positive axis. However, close to two months of consolidation empowers its potential for upside movement. Visit here to know the intricacies of the token and its probable future price.
Filecoin has marked a significant decline until the end of May 2022, losing its value. The decline in market value has somehow pushed FIL into a narrow consolidation range that gives marginal room for sideways movement. The failure to move out of the consolidation zone makes it difficult for enthusiasts to make an entry into this token.
The current market value of the FIL token has even breached the pre-October 2020 breakout levels. RSI indicator shows a decline from 57 to 42 while MACD marked a bearish crossover.
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Even the transaction volume has remained low due to selling pressure. The indicators do little justice to support the reason for the Cryp price consolidation. From another perspective, crossing and holding its value above the 50 MA curve should be taken as a positive cue.Filecoin
