In Bitcoin, which continues its horizontal movements with the new year, the eyes are turned to the new week. Although the uncertainty in Bitcoin limits the rise in altcoins, it is seen that some altcoins have formed beautiful formations.
Filecoin (FIL), which rose to $ 240 with its 10x rise in 2021 and satisfied many investors, is currently trading 85% below its peak. Technically speaking, it is trading below the moving averages.
Although it is a negative data to be below the daily averages, it can be considered as medium-term because the price has moved away from its peak and is approaching the previous accumulation zones.
The breakdown and retest of the downtrend also strengthens the bullish expectations. It is also seen in the RSI that the downtrend has been broken.
At this point, while the price continues to accumulate in a falling trend in the short term, there is an upward trend (purple line) on the RSI. This positive dissonance raises expectations for a sharp rise in the coming weeks.
When we look at the previous price movements, it can be seen that a similar mismatch was also experienced in the accumulation region before the price made 10x.
In such cases, since it is not known how long the accumulation will continue, it may be useful to buy in parts to evaluate the opportunities in a possible pullback.
Against a possible pullback in Bitcoin, it is necessary to stop at the 4-hour close below $32.5. If this level is the bottom as predicted, you can examine the possible resistances from the chart according to the Fibonacci levels.
What is Filecoin (FIL), Who is the Founder?
Filecoin was founded by Juan Benet, who developed the Interplanetary File System project. Benet is a US computer scientist who studied at Stanford University. After founding Protocol Labs in May 2014, he joined Y Combinator in the summer of 2014 to support IPFS and Filecoin along with other projects.
Filecoin is a decentralized storage system that aims to "store humanity's most important information". The project raised $205 million with an initial token offering (ICO) held in 2017 and announced that it will launch in mid-2019. On the other hand, the start date of the Filecoin mainnet has been delayed until block 148,888, which occurs in mid-October 2020.
The project was first described in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is backed by a blockchain that records commitments made by the network's participants in transactions made using an open protocol and native currency FIL. Blockchain is based on both proof-of-replication and proof-of-spacetime structures.