Filecoin Announces FWS, Price Remains Stagnant

• Filecoin has recently announced FWS, an open-source alternative to AWS, Azure, and more.
• Technical indicators of $FIL favor a consolidated trend in price. It is down by 0.5% in the ETH pair.

Filecoin is a decentralized, peer-to-peer file storage network that allows users to store, retrieve, and share data with the help of blockchain. It was created in 2014 by Juan Benet and its ICO came in 2017. It enables users to rent out their unused storage space and can get paid for it.

The data stored on the network is encrypted and distributed across multiple storage providers, making it resistant to hacking and data loss. Meanwhile, the use of smart contracts ensures that payments are made automatically and without the need for intermediaries. It is also designed to be highly scalable and can handle a large number of users. Filecoin has recently launched FWS which is an alternative to cloud computing platforms like AWS. FWS is basically a set of computing and storage technology on the Filecoin network. The overall TVL of $FIL has seen a slight surge in the past 24 hours. $FIL announcement of FWS may be a turning point for the future of Filecoin.

Filecoin has a market cap of $2.2 Billion which is down by 2.56% in the past 24 hours. $FIL is ranked 30th in the CMC and its volume is up by 28%.$FIL has a negative ROI but can see a reversal in the near future.

Are The Bulls Of $FIL Getting Active?

Source: TradingView

The struggle between bulls and bears continues on the weekly chart. The same struggle can also be seen in the daily chart in the form of consolidation. It is currently trading near $5.28 with a slight gain in the past 24 hours. It is 97.7% down from its all-time high of $237. It is trading below the 50 and 100 Daily Moving Averages. They can act as a resistance for price in case of upside momentum. The upside momentum of the price can see a halt near $6.5.Meanwhile, the support price for the asset can be seen near $4.5. $FIL price can see a strong momentum in the future as per various analysts.

RSI of $FIL is near 40 with no slope in the line. The overall sentiment of the indicator is neutral.

Summary

Filecoin has recently launched FWS which can be a game changer for the protocol. $FIL is currently in consolidation but can see a strong move in the future.

Technical Levels

Major Support:$4.5

Major Resistance:$6.5

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.