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Filecoin Token can recover sharply if it holds a 200-DMA moving average.

Filecoin

What is Filecoin?

Filecoin is a blockchain-based storage network and cryptocurrency that was developed by Protocol Labs. Filecoin sustains above the 200-day moving average, which could possibly recover in the future. The File token (FIL) was created as an ERC-20 token on Ethereum to be used for payments related to file storage, data transfer, and Dapp operation over Filecoin’s decentralized network.

Most recently in July 2018, the Filecoin ICO sold out its US$52M hard cap in cryptocurrency just 22 minutes after opening up its presale token sale to general public investors outside of accredited venture capitalists.

Technical Parameters of Filecoin 

The Filecoin coin currently trades at $73.43 or 0.001962 BTC at the time of writing this article (May 11, 2018), and has a market cap ranking around #23 on Coinmarketcap’s list of coins by Market Cap. Filecoin can recover sharply if it holds a 200-DMA moving average. good volume recorded on the monthly chart. whereas, the closing of day candles above 20-DMA will boost the confidence of Bulls for upcoming trading sessions.

Filecoin can recover sharply if it holds a 200-DMA moving average. Filecoin prices were given that its historic growth during 2017 was over 2100%. whereas, FIL is also facing the resistance of 50-DMA, which is a bearish sign. similarly, intraday volume is dropped by -33.18% stands at $631,064,980

RSI is continuously trading near the oversold zone, which is a bullish signal.

The MACD indicator has recently seen signs of reversal and maybe on the verge of flipping into positive territory, delivering additional upside potential for this coin’s value as traders take up positions in anticipation.