- FIL price has moved sideways in the past few weeks.
- Filecoin launched Filecoin Data Tools to compete with AWS and Azure.
- Filecoin also partnered with SETI to store extraterrestrial data
Filecoin price drifted upwards as the recent sell-off eased. After falling to a low of $4.10 on May 11, the coin has moved sideways and is now trading at $4.7, the highest point since May 8. Still, FIL price has dropped by almost 50% from the highest point this year.
Latest Filecoin news
Filecoin, the biggest decentralized storage platform in the world, has made several headlines this year. The most recent Filecoin news is that the developers recently launched Filecoin Data Tools (FDT).
According to the developers, FDT is a set of compute and storage technologies built on top of the Filecoin infrastructure. Think about it as the way Microsoft Azure and Amazon AWS work. While these platforms provide storage solutions, they also provide other compute services like containers, Kubernetes, and databases among others.
Therefore, Filecoin hopes that developers using its storage solutions to build decentralized applications (dApps) will use FDT to build apps. FDT has several important elements like Delta, Estuary, Edge-UR, and Ptolemy among others.
The launch of FDT is important because it came a few months after the developers launched Filecoin Virtual Machine (FVM). FVM is a software that makes it possible for developers to run smart contracts on Filecoin’s ecosystem. It is similar to Ethereum Virtual Machine (EVM), which runs contracts on Ethereum.
Read more: How to buy Filecoin.
FVM is already being used by developers like Sushi, Celer, Ankr Protocol, Osmosis, Ocean, and Brave, among others.
The other important Filecoin news was the partnership with Search for Extraterrestrial Intelligence (SETI), a research organization that works on extraterrestrial work. The partnership will see the agency store space data in its ecosystem.
Further, Filecoin launched new tools to empower Filecoin Storage Providers (SPs) to work faster using HTTP. This means that users can now upload files directly from their browsers.
Filecoin price prediction
FIL price jumped to a high of $9.48 in February. Since then, the coin has crashed by almost 50% despite the positive news by the developers. The coin remains below the 50-day and 25-day exponential moving averages (EMA). It is also a few points above the 23.6% Fibonacci Retracement level while the MACD has drifted upwards.
Therefore, I believe that Filecoin will consolidate in the coming days and then have a bearish breakout as sellers target the next key support level at $2.4. This price was the lowest level in December this year. The bearish view will be invalidated if the price moves above $5.73.
