Filecoin FIL/USD has advanced from $51 above $70 since the beginning of August, and the current price stands around $69. The daily volume of Filecoin continues to rise, and the price of this cryptocurrency could advance even more in the upcoming days.
Fundamental analysis: Filecoin and Chainlink launched a joint grant initiative to accelerate the development of hybrid smart contracts
The cryptocurrency market is advancing in the second week of August; Bitcoin continued its surge and reached a new monthly high above $46,700. This situation also supports Filecoin’s price, and in less than several days, the price of this cryptocurrency has advanced more than 10%.
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Filecoin is a powerful and dynamic network that turns cloud storage into a commodity that simplifies things a lot for archivists, scientists, and other cloud and dataset experts. Users can sell data on the network and provide flexible options at the best prices, while the Filecoin blockchain verifies proofs and automatically takes corrective action when needed.
The important public data, historical archives, Wikipedia’s database, and more can be stored on the Filecoin network without the fear that it could be lost. All stored data remains available and unchanged over time, and it is important to say that Filecoin tokens can be used as payment options and transferred between users.
Filecoin is a very promising project with incredible potential that is also a great option for supply chains because it can store large amounts of data for a long period of time at low costs. This month, Filecoin and Chainlink launched a joint grant initiative to accelerate the development of hybrid smart contracts.
“By bringing together Filecoin and Chainlink, developers can build end-to-end decentralized applications that have cost-efficient and immutable storage capabilities along with a universal and secure connection to external resources. This grant initiative comes on the heels of several other joint efforts between the Filecoin and Chainlink communities,” the team of Filecoin reported.
Technical analysis: $80 represents the strong resistance level
Filecoin was one of the best performers on the cryptocurrency market in the last several days, and as long the price is above $60, it remains in a buy zone.
The daily volume of Filecoin (FIL) continues to rise, and if the price jumps above $80 resistance, the next price target could be around $90 or even $100. Technical indicators remain bullish, which suggests that Filecoin will probably continue its positive trend; still, if the price falls below $60 support, it would be a firm “sell” signal.
Summary
Filecoin (FIL) is advancing in the second trading week of August, and for now, there is no sign of the trend reversal. Filecoin could advance even more in the upcoming days, and if the price jumps above $80 resistance, the next price target could be around $90 or even $100.
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