The Filecoin price has stagnated. FIL is trading at $72.18, where it has been in the past few days. The coin’s price is about 45% above the lowest level in September, giving it a market capitalization of more than $7.9 billion. It is the 24th biggest cryptocurrency in the world.
FIL ecosystem grows
Filecoin is a fast-growing blockchain project that is attempting to disrupt the file storage industry. The idea is relatively simple. The developers have created a powerful and dynamic distributed cloud network that enables companies and developers to store and access data.
Filecoin can be used to store websites, podcast data, company files, dapp websites, and contract data among others. It achieves this through the now-famous InterPlanetary File System (IPFS), which is a peer-to-peer hypermedia protocol.
The Filecoin mainnet was launched in 2020 and has seen significant growth. More than 230 organizations are building using the network while more than 460 new projects are moving into the ecosystem. In total, there are more than 3,000 storage providers while the network storage power has risen to more than 12 EiB.
This trend will keep growing as more people become aware of the network. To achieve this, Filecoin has partnered with Chainlink to offer grants to developers. Some of the top platforms that are using Filecoin are Dapper Labs, Polygon, Mask Network, Near Protocol, Hedera Hashgraph, and OpenSea.
The Filecoin price could be supercharged ahead of the upcoming Filecoin Orbit event. This is an online event that will see developers showcase their projects. It will also have experts talk about the industry.
Filecoin price prediction
The four-hour chart shows that the Filecoin price has found a strong resistance at around $73. It has struggled to move above this level since the month started. It also seems to have formed a small ascending triangle pattern. At the same time, it has moved above the 25-day and 50-day moving averages (MA).
The FIL price is between the 23.6% and 38.2% Fibonacci retracement level. Therefore, I suspect that the coin will soon break out higher as bulls target the 50% retracement level at $85. This price is about 18% above the current level.
