- The open interest of the Filecoin crypto has witnessed a decline of 1.24% in the last 24 hours.
- The FIL crypto price does not show any significant change.
Filecoin is a decentralized storage network that uses FIL tokens to incentivize data storage and retrieval. It is based on IPFS and uses PoRep and PoSt proofs to ensure data integrity. It was created by Protocol Labs, the same team behind IPFS and libp2p.
The TVL of the Filecoin crypto is $1.01 Million and the volume/market cap ratio of the crypto is 0.0997. Additionally, the trading volume of the crypto has declined by 4.7% in the last 24 hours.
The traded volume of the crypto in the last 24 hours is worth $105.29 Million and its market cap has declined by 1.07%. Moreover, the current market cap of the crypto is $2.622 Billion and its market cap ranking is #35.
The fully diluted market cap of the crypto is $10.282 Billion and the max supply of the crypto is not defined, as per CoinMarketCap. The circulating supply of the crypto is 500.206 Million FIL while its total supply is 1.96 Billion FIL.
Filecoin Derivatives Analysis
The open interest of the Filecoin crypto is worth $160.39 Million and the long/short ratio of the crypto is 0.9161. The traded volume of the crypto has declined by 1.9% in the last 24 hours.
Additionally, the long liquidation of the crypto is $472.71K and the short liquidation of the crypto is $25.07K.
FIL Crypto Technical Analysis
The FIL crypto was trading in a strong downtrend and the price of the crypto started to form a dynamic structure which led to the formation of the descending triangle pattern.
The price of the crypto further broke above the triangle pattern but failed to sustain the breakout and has formed a strong swing high.
If the price of the crypto further breaks above the last swing high, we might witness further increases in the price.
FIL/USD Chart by TradingView
The 20-day and the 50-day EMAs have overlapped each other while the 50-day and the 200-day EMAs are forming a golden cross. The price of the crypto is currently trading above the 200-day EMA but has declined below the 20-day and the 50-day EMAs.
The MACD and the signal lines are situated below the zero level following a bearish cross on the chart. This indicates a possibility of weakness in the crypto price.
The RSI has declined below the 50-level but is still situated above the 14-day SMA. Thus, an increase in the crypto price might be seen if the RSI breaks above the 50-level.
Summary
FIL is the Filecoin network’s token that has recently broken out of a downtrend, but failed to sustain the momentum. However, the technical indicators suggest that FIL could resume its uptrend if it breaks above the last swing high.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.