Filecoin has been shedding value ever since the April market crash, and the coin is not seeing any signs of recovery. On April 1, the coin reached a high of $237 but has since lost more than 50% of its value. At the time of writing, filecoin is trading at $69.08, representing a massive loss for currency.
However, filecoin has had its fair share of glory in the market. In early June, when the rest of the broader cryptocurrency market was shedding value, the coin gained to start trading at around $90. Ironically, the reverse is now happening. With bitcoin gaining stability at $37,000, filecoin is now shedding value.
Filecoin Price Analysis
Looking at the price of filecoin this week, the token reached the $75 resistance level, but it could not hold it, leading to another retreat. However, if the price shifts upwards and causes another bullish swing, it may regain the $75 level and maintain it.
Filecoin may still go below its current level and retreat to the $50 lower support level. If this happens, it will set precedence for a good entry point for traders who want to leverage the price dip. Filecoin’s price is still in a clear downtrend, and for it to show an upward price movement, the token needs to set a new price above $100.
If FIL manages to break above $100 in recent weeks, the next stop will be $125. However, a retreat will push the coin to lower support of $50. However, with the broader cryptocurrency market showing support, it may push the value of filecoin for another bullish rally.
Filecoin has been picking popularity in China after the recent cryptocurrency transactions and mining ban. A mining firm is still accepting money from retail investors who want to purchase computing power for the token. If mining FIL in China escapes the regulatory risk, the coin’s popularity and value may pick up again.
Filecoin is a popular token in China because its protocol offers a unique mining solution. Capturing the Chinese market is vital to the success of any cryptocurrency because the region accounts for a large percentage of the entire crypto market.
Where to Buy Filecoin
If you want to purchase filecoin, check at any of the below exchanges:
eToro is one of the largest exchanges in the world. The platform offers plenty of crypto trading pairs and fiat-crypto pairs. Its crypto offerings are also focused on altcoins, making it the ideal place to purchase FIL. eToro offers low traders.
The OKEx exchange is also home to millions of users and offers support in over100 countries. It is a preferable exchange for those who want to trade filecoin, given that its trading fees and favourable, and it also has a user-friendly interface.
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