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Filecoin FIL/USD surged over 6% over the past week.Benefits come in positive feelings towards CryptocurrencyBut Filecoin has a notable development.
On October 27th, Filecoin developers launched a content delivery network called Saturn. This network will help Filecoin reach the content bandwidth of dApps and reduce the cost of running nodes.
This development is important for the Filecoin network. The current setup requires a participant to become a provider of other users’ storage to her. As such, SPs had to have enormous storage capacity, which was inaccessible to many individuals and expensive.
With the new Saturn CDN nodes, participants will only need 1 terabyte of storage instead of the previous 10 TB. Filecoin hopes the move will allow more individuals to contribute bandwidth and earn FIL. For this reason, developers expect Saturn to unlock the next generation of growth in the protocol.
Despite the latest developments, Filecoin’s native token is still not profitable. At the time of writing, the cryptocurrency has fallen 2.36% in one day. A quick technical outlook shows that prices are under pressure.
Source TradingView
Technically, Filecoin’s momentum is weak. Despite this week’s rally, the cryptocurrency maintains a clear downtrend. FIL’s price is also close to his June lows, meaning the cryptocurrency has lost his July rally.
At current prices, the FIL has been rejected by the 50-day MA. The RSI shows some upward trend, but the reading is still below the midpoint. This means that there are still many sellers in FIL, even though buyers have entered the market at around $5.
The latest developments are positive for FIL prices in the long run. However, FIL remains in a bear market. buyer Better to wait for a bullish confirmation.
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