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Filecoin Price Prediction: Is FIL a Good Investment in August?

Filecoin Price Prediction: Is FIL a Good Investment in August?

Last updated 11th Aug 2022
Disclosure
  • Filecoin price went parabolic during the weekend.
  • The developers reached a partnership deal with Harvard’s innovation lab.

Filecoin price has gone parabolic in the past few days as investors react to the latest partnership with Havard University. It rose to a high of $11.12, which was the highest level since May 11th of this year. It has jumped by about 136% above the lowest level in July, bringing its market cap to over $2.1 billion.

Filecoin recovery continues

Filecoin is a leading blockchain project that aims to change the file storage industry. It is an infrastructure project that aims to use the crowd to deliver faster storage solutions to developers and companies.

The concept is relatively simple. Instead of relying on centralized data centers, Filecoin relies on users who provide their free bandwidth in exchange for timely rewards. This storage can be in their smartphones, tablets, and computers.

As such, Filecoin does not seek to disrupt popular file storage solutions like OneDrive and Google Drive. It aims to improve how they deploy their storage solutions.

Filecoin has seen a lot of growth in the past few years as more people shift to the Web3 industry. As a result, the number of data providers has increased while the number of companies using its technology has risen substantially.

According to Starboard, the total network raw byte capacity has risen to over 16.86 EiB while the number of daily active deals has been in a strong bullish trend.

The Filecoin price is rising as investors reflect on the latest announcement on a partnership with Harvard University Library Innovation Lab. Precisely, it will support a program known as Democratizing Open Knowledge. In a statement, a representative of the lab said:

“This collaboration will enable the Library Innovation Lab to explore how decentralized technologies can solve real-world challenges to preserve critical data, and we’re thrilled to support the Library’s Democratizing Open Knowledge program."

Filecoin price prediction

The daily chart shows that the FIL price found a strong support at $4.97 in June and July. It struggled moving below that support level in the two months. It has now rebounded and moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point.

Therefore, the Filecoin price will likely continue rising as bulls target the next key resistance at $16.45, which was the lowest level in the first three months of this year. However, a drop below the support at $8.45 will invalidate the bullish view.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.