FIL has kept up its relentless surge after hitting a 21.53% increase in the last 24 hours. This is also in tune with the broader crypto market rally, which has seen an uptrend of 0.75% over the last day. The Filecoin token currently trades at $9.18. Will investors see FIL hit $30 as storage tokens keep rising on Upgrade Momentum?
Filecoin is a decentralized storage network based on the Interplanetary File Storage (IPFS) technology. It is designed to solve the problem of inefficient file storage and retrieval. Filecoin intends to turn the world’s unused storage into an efficient storage market. This is to help users pay for low-cost storage. The goal is to make sure that file storage is distributed all over the web and is permanent.
FIL is the native currency that powers the decentralized storage network. Customers use FIL tokens to pay for transactions. Miners also pledge FIL as collateral to guarantee their services.
Time to Invest in FIL as the Token Rallies with The Crypto Market
The broader crypto market is on an uptrend, with a 0.75% increase in the last 24 hours. The great news for investors is that some digital assets, including FIL, have also maintained their rally in tandem with the market.
FIL’s price is currently at $9.18, after experiencing a surge of 21.53% in the last 24 hours, 79.6% in the last seven days, and a 108.4% increase in the last 30 days.
According to FIL’s technical analysis, the crypto asset is currently on a bullish streak. FIL has breached the 78.6% Fibonacci retracement at $8.49 and could see resistance at the 100% retracement of $10.33.
On the short-term, the digital asset trades above the 50-hour simple moving average (SMA) indicator at $4.95. However, the long-term SMA indicator of the 200-day SMA stands at $13.99, which is not far from the current standing price. A sustained rally could see the token break through most of these indicators and hit the $30 predicted price. Therefore, investors should watch how FIL performs.
FIL’s moving average convergence and divergence (MACD) value shows a strong buy signal. However, the crypto token’s Relative Strength Index (RSI) is 81.13, indicating that the digital asset trades in the overbought region.
With the recent broader crypto market rally and the continuous surge of the FIL token, investors may take this opportunity to invest in the crypto asset for the long term reward.
Filecoin To Launch The Filecoin Virtual Machine (FVM)
Filecoin has announced its plans to launch the Filecoin Virtual Machine (FVM), with a date set for March 23. The introduction of the FVM will enable the Filecoin Mainnet to gain user programmability and smart contracts.
The blockchain has more than 3,800 storage providers and roughly 14 EiB of storage capacity. It is currently the world’s biggest decentralized storage network. Filecoin intends to expand way more than it is now in order to be more competitive within the centralized cloud.
It is anticipated that the introduction of smart contracts — via the FVM — will improve Filecoin’s storage capabilities and enable a number of use cases related to the Web3 domain. This includes perpetual storage, DeFi, DataDAOs, NFTs, gaming, and so on.
Before you buy Filecoin take a look at these 2 news coins
The analysis of FIL above has shown that there is great potential for the crypto asset. However, investors should keep in mind that there are other value-driven altcoins that could result in gains. Additionally, given that a number of these coins are now in the presale period, they have the chance to be early adopters. There are two coins that we’ll be looking at:
C+Charge is a crypto startup that is building a robust peer-to-peer (P2P) payment system for electric vehicles (EV) charging stations built on blockchain technology.
The C+Charge token, $CCHG, powers the project economy and is currently priced at $0.016. C+Charge has entered the third presale stage of its planned eight stages, with over $1.2 million raised.
Metropoly is the first NFT marketplace supported by physical properties. The goal is to open up the real estate market so that with $100, anyone, anywhere, regardless of location or credit rating, can start investing.
The project utility token is called METRO and will be primarily used as a payment and reward method on the platform. METRO’s current price is $0.0625, and it’s in the 9th presale stage after raising over $519,057.31.
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