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Is Filecoin (FIL) a good buy in June 2022?

Filecoin FIL/USD has weakened from $15.64 to $6.45 since May 01, 2022, and the current price stands at $8.

Technically looking, FIL remains in a bear market, but if the price jumps above the resistance that stands at $10, the next price target could be at $12.

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Filecoin is a decentralized peer-to-peer file storage network

Filecoin is a decentralized peer-to-peer file storage network that aims to let anyone store, retrieve, and host digital information. Filecoin turns cloud storage into a commodity and also enables users to sell data on the network.

Users pay to store their files on storage providers, and according to the official site of Filecoin, available storage and the price of the storage, are not controlled by any single company. Instead, Filecoin facilitates open markets and enables users to store their files at hyper-competitive prices.

It is important to say that all stored data remains available and unchanged over time without the fear that it could be lost.

Users can select replication parameters to protect against different threat models, and content is encrypted end-to-end at the client, while storage providers do not have access to decryption keys.

Filecoin verifies proofs and automatically takes corrective action when needed, and it simplifies things a lot for archivists, scientists, and other cloud and dataset experts.

The native token of this protocol is also called Filecoin (FIL), and it can be used as a payment option for services on the network and as an economic incentive to ensure files are stored reliably over time.

Filecoin’s blockchain records transactions to send and receive FIL, along with proofs from storage providers that they are storing their files correctly.

Filecoin is a promising project that is constantly working on new features, and over the past year, the Filecoin protocol made significant leaps forward.

This includes the execution of five coordinated network upgrades, more than ten improvement proposals (FIPs), and two additional Filecoin protocol implementations to mainnet (Venus and Forest). The team of Filecoin reported:

The Filecoin v13 ‘HyperDrive’ Network upgrade unlocked a 10-25x increase in storage onboarding capacity, making Filecoin the first major L1 chain to deploy a significant chain bandwidth increase, just eight months after mainnet launch. Since then, daily storage capacity onboarding has doubled to over 60 PiB/day.

Technical analysis

The cryptocurrency market is advancing this Tuesday, Bitcoin is trading again above $32000, and this situation also positively influences the price of Filecoin (FIL).

Data source: tradingview.com

The important resistance level stands at $10, and if the price jumps above this level, it would be a signal to trade FIL, and we have the open way to the $12.

The current support level stands at $7, and if the price falls below it again, the next price target could be around $6 or even below.

Summary

The cryptocurrency market is advancing this Tuesday, Bitcoin is trading again above $32000, and this situation also positively influences the price of Filecoin (FIL). If the price of Filecoin (FIL) jumps above the resistance that stands at $10, the next price target could be around $12 or even above.

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