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Filecoin price surged to its highest level since December 16, despite rising utility risk. He climbed to $3.31, well above the year-to-date low of $2.3.Other storage tokens siacoin Storj also rebounded.
file coin The world’s largest storage blockchain platform. As with any storage platform, its use cases are relatively easy to grasp. It uses a distributed storage platform as opposed to centralized storage platforms such as Google Cloud and Microsoft Azure.
Anyone with a computer, smartphone, or data center can provide storage on that platform and get rewarded when people use it. is safely stored in
The advantage of using a distributed platform is high scalability. A person in Nairobi accesses data from his provider of storage in the city. Similarly, someone in Washington stores and accesses data from someone else in the city.
According to Data Explorer, the network has 3,920 active miners, contributing 19.069 EiB on the platform. That’s a lot more than 21.9 million terabytes.
Still, Filecoin faces some key challenges. First, the network competes with established brands such as Microsoft and Google. These centralized platforms work well and have a long track record of safety.
Secondly, it is clear that there is a very large capacity that is difficult to use. One of its biggest use cases is custody of non-fungible tokens (NFTs) in partnership with OpenSea. Recently, however, there has been a sharp decline in NFT trading volume per month. So without a clear use case, Filecoin would need a miracle to become a successful platform.
The daily chart shows FIL price made a strong bullish breakout on Tuesday as investors bought dips in the token. While the Relative Strength Index (RSI) moved to overbought levels, it edged above the 25- and 50-day moving averages. It also forms what appears to be an inverted head and shoulders pattern.
Therefore, despite the H&S pattern, Filecoin may resume its bearish trend as fundamentals disappoint. Our bearish view will be invalidated once the $3.50 resistance is broken out.
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