Filecoin (FIL) has been experiencing a downtrend, with its base fee variation declining and a slight variation in storage power trends. The FIL price has also been consolidating and observed a 1.9% decline in the intraday session.
Filecoin is a decentralized storage system designed to store important data in a decentralized manner. It uses proof of spacetime and proof of replication as its consensus mechanisms.
FIL has a total supply of 1,961,355,166 tokens, with less than 50% currently in circulation. The token has seen a significant price drop from its all-time high of $237, currently down by over 98%. There are 3,431 active miners in the Filecoin network, and the protocol has a block reward of 12.0302 FIL, with an average mining reward of 0.0068 FIL per terabyte.
The base fee variation in the Filecoin protocol has been on a downward slope for several weeks. FIL is ranked 31st in the cryptocurrency market with a market cap of $1.44 billion. The trading volume of the asset has experienced an 8% surge in the intraday session.
Filecoin (FIL) Analysis: Downtrend and Consolidation
Filecoin’s price is currently trading near $3.191, with a potential halt in the upside trend near $4. Support can be found near $3. The asset price is below the 50 and 100 Daily Moving Averages, and a bullish trend could emerge if it crosses above these levels.
The Relative Strength Index (RSI) of FIL is near 42, indicating a neutral sentiment.
In summary, Filecoin has been in a weak consolidation phase, and analysts are anticipating potential growth in the near future. Major support is at $3, while major resistance is at $3.5.
Please note that cryptocurrency investments carry risks, and this information is for informational purposes only and should not be considered financial advice.