- The maximum supply of FIL coins is 1.9 Billion.
- FIL coin has given a poor return of 4.7% in the previous year.
Filecoin operates as a decentralized storage network, utilizing the Interplanetary File Storage (IPFS) protocol. Its purpose is to transform globally unused storage into a cost-effective storage market, allowing users to pay for affordable storage.
The goal is to establish permanent and distributed file storage across the web.
Financial Data of the FIL Coin
The maximum supply of the FIL coin is $1.9 Billion and despite this, only 472 Million coins are circulated in the market. It has a fully diluted valuation of $8.8 Billion.
The market cap dominance of the FIL coin is 0.14% with a volume/market cap ratio of 0.07. The FIL coin holds the #33 market cap rank in the top global coins.
The total volume of the FIL coin is $266.8 Million and it has declined over 50% in today’s market session representing the dominance of the sellers in the market.
The total value locked of the FIL is $1.63 Million and it is decreasing after reaching the peak of $3.63 Million in July 2023.
Volume, Market Cap and Price Chart Trends
As per the chart, the price of the coin is showing a decline, which resulted in the declining market cap and volume. This indicates that the price encounters resistance at this level, prompting a pause in its movement.
Filecoin (FIL) Technical Analysis
After reaching the December 2022 swing low of $2.3, the coin’s value surged by more than 250%. After this, the crypto price experienced resistance at the $8.8 level in February before experiencing a reversal. This suggests a dominance of sellers in the market.
Currently, the coin is forming a descending triangle pattern with the price reversing from the resistance level. After reaching the swing high, the price declined by over 25%, marked by the emergence of red candles.
The FIL coin is presently trading at $4.5, reflecting a decline of over 13% in the past week. The ongoing trend indicates weakness and the price is anticipated to fall further in the upcoming days.
Technical Indicators Outlook About Filecoin
The current MACD line of FIL coin is positioned beneath the signal line, indicating a negative pattern and hinting at a potential price decline.
Additionally, the RSI line for FIL is trading under the SMA line. This configuration is considered a negative signal, heightening the likelihood of a price decline soon.
Conclusion
The FIL coin is witnessing a bearish pattern. The coin is forming a reversal from the resistance level with the formation of red candles. The indicators are negative for the coin and the volume has shown a drop. Hence, this indicates a possible decline in the price.
Technical Levels
- Support Levels: $2.6 and $1.9
- Resistance Levels: $5.5 and $8.82
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.