Filecoin is a proof-of-replication and proof-of-spacetime-based blockchain network that records transactions executed by the network users in its customized currency – FIL. It is a decentralized protocol that enables anyone to rent out spare storage space on their computer. Likewise, anyone can buy storage on the network. By allowing anyone in the world to join the network, it can create a huge source of data storage. Past Performance On March 10, 2021, FIL started trading at $41.97. As of March 16, 2021, the closing price of FIL was $63.61. Thus, in the past week, the FIL price has surged by approximately 52%. In the last 24 hours, FIL has been trading within a price range of $52.13-$69.30. https://ift.tt/3qWsATi Day-Ahead and Tomorrow Today morning, the opening price of FIL was $63.52. Currently, the price is trading at $69.33. Thus, the market is an uptick. The OBV indicator is upward sloping. Thus, buying volumes are very high. High buying activity will push the price further up. Thus, the price trend is bullish. However, it is important to check the progress in 4-hour slots. The MACD and signal lines are positive too. Moreover, a bullish crossover by the MACD line over the signal line is indicative of strong positive market momentum. Thus, the FIL price will rise further. Currently, the RSI indicator is at 75% in the ‘overbought’ region. Thus, the demand for the coin is very high. Large whale accumulations in the coin market will lead to a further rise in the FIL price. It may be a good time for swing traders to go short. FIL Price Analysis At present, the price is just above the first Fibonacci pivot resistance level of $68.64. As the bulls are strong, by the end of the day, we can expect the coin’s price to break out of the subsequent Fibonacci pivot resistance levels of $72.83 and $79.62 respectively. The price has tested and broken out of the 23.6% FIB retracement level of $65.71. By the end of the day, the price may break out of the 23.6% FIB extension level of $74.09 as well. As the bullish trend is strong, we can expect the price uptrend to continue tomorrow as well.
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