The bearish onslaught has taken a toll on the price of Filecoin, which slipped below the $6 mark, and the bears now have a strong foothold. On the one-day chart, Filecoin is showing consolidation with a loss of 1.1%. Over the last week, the coin has depreciated by nearly 17%.

The technical outlook for Filecoin indicates bearish pressure, with a drop in demand and accumulation. If sellers push further, it will add to the bearish pressure.

Bitcoin’s struggle to stay above $30,000 has affected other altcoins, keeping them below their immediate resistance levels.

The demand must recover in the next trading sessions for FIL to jump above the $5.50 price. The decline in the market capitalization of Filecoin over the past day also indicates growing selling pressure. Broader market strength remains crucial for the altcoin’s price movement over the subsequent trading sessions.

Filecoin Price Analysis: One-Day Chart

At the time of writing, the trading price for FIL was $5.26. Following its drop below the $6 mark, Filecoin has experienced a continuous free fall. The coin faces overhead resistance at $5.60; surpassing this level will push the coin towards $6, with a potential attempt to trade at $6.30.

Conversely, failing to trade at the current level will establish local support for the coin at $4.90. If the price falls below this level, it will reach $3.80, strengthening the bears. In the last session, the amount of Filecoin traded was in the red, indicating a drop in demand.

Technical Analysis

Over the past few trading sessions, the buying strength for FIL has decreased considerably due to a fall in demand. The Relative Strength Index showed that the buying strength had depreciated, and selling strength had taken over, as the index was below the 40 mark.

Additionally, the FIL price dropped below the 20-Simple Moving Average line, indicating that sellers had taken control and were driving the price momentum in the market. However, if Filecoin surpasses the $5.60 mark, the coin may rise above the 20-SMA line, bringing back the bulls.

At the time of writing, Filecoin gave sell signals in line with other technical indicators. The Moving Average Convergence Divergence showed red histograms, indicating sell signals for price momentum and trend reversals.

#Binance #BTC #crypto2023 #filestorage #filecoin

On March 14th, Filecoin, the decentralized data storage platform, launched its Filecoin Virtual Machine (FVM) on its mainnet. This means that developers can now create decentralized applications using smart contracts on the Filecoin network.

The launch of the FVM is a major step for Filecoin towards its goal of creating a decentralized data economy. By enabling user programmability, the FVM unlocks the potential of an open data economy and allows developers to monetize data on open markets.

The FVM launch is the final step in Filecoin’s Masterplan, which aims to bring large-scale computation and the ability to power web-scale applications to the world’s largest decentralized storage network. The FVM also strengthens Filecoin’s position as a Layer-1 blockchain, uniquely positioned to power an open data economy. Many leading web3 projects have already announced their plans to integrate with the FVM to upgrade their services.

The launch of FVM-powered DataDAOs, dApps, and more has energized the 16,000+ developers in the Filecoin ecosystem. Over 150 teams began deploying FVM-powered products and services to the Filecoin mainnet on the launch day. Waterlily, a prompt-based AI tool that generates images in the style of specific artists, is one such example. It uses tokens to directly reward the creator of the original AI training data.

The FVM not only brings closer a more resilient, accessible, and decentralized cloud but also opportunities to own and reward individual contributions to the data economy in previously unimaginable ways for thousands of developers, storage providers, entrepreneurs, and other network participants from all over the world. Investors are excited about this potential and have earmarked millions of dollars in capital to help incubate businesses in the Filecoin ecosystem that seek to capitalize on these opportunities. For example, Longhash and Graph Paper Capital have already launched FVM-specific accelerator programs.

The launch of the FVM has also unlocked more growth opportunities for storage providers (SPs) on the network, who contribute over 13 EiB of storage capacity and make Filecoin the largest open-access storage network on the planet. Following the launch of FVM, decentralized financial services built by developers may make it easier for FIL, an essential component of the Filecoin storage network, to be leased by token holders to storage providers to facilitate increasing storage capacity and usage.

The FVM launch is a landmark milestone in Filecoin’s roadmap towards creating an open data economy. With the ability to create decentralized applications using smart contracts on the Filecoin network, developers can orchestrate where, when, and how data gets placed, governed, and monetized on open markets. The launch of FVM has energized the Filecoin community and brought it closer to its goal of creating a decentralized data economy.

The FVM will also allow integrations with leading web3 chains such as Polygon, Ethereum, and more for cross-chain messaging, and liquidity via Celer, Axelar, and others. This will enable users to add powerful data capabilities to any chain, such as verifiable data storage and decentralized compute via smart contract calls.

Smart contracts combined with content-addressed and verifiably persistent storage open boundless possibilities for decentralized data management, payments, and stewardship. With the FVM launch, new paradigms for FVM-powered services for video creator communities and livestream storage, social data preservation and portability, real-time gaming, and many more are now possible.

Furthermore, FVM is set to address the shortcomings of current NFTs. Currently, NFTs are often criticized for not storing token images on the blockchain. Bresser stated that applications built on Filecoin will solve this issue.

“I believe that FVM has great potential for the development of NFTs. NFTs on FVM can not only represent ownership rights, but also ensure that their images will be stored and exist for hundreds of years,” said Bresser.

According to AZCoin News, the FVM upgrade was announced a month ago. However, the price of FIL, the project’s coin, continues to surge ahead of the FVM network launch. Over the past 30 days, FIL has increased by more than 35% and is currently trading at $6.69 USD, according to CoinMarketCap.

#filestorage #Filecoin #FVM

This article was republished from azcoinnews.com

A recent report published by Foresight Ventures has highlighted the varied costs associated with decentralized file storage. The report notes that costs on blockchains such as Filecoin, Arweave, Swarm, StorJ, and Sia range from near zero to $4 per terabyte (TB) per month. This is much lower than traditional Web2 services such as Amazon Cloud or Microsoft Azure where prices can range from $16 to $23 per TB of monthly storage.

Additional Costs to Consider

While the cost of decentralized storage is lower than traditional services, the report outlines other costs that users must consider. These include data upload fees and retrieval fees, with the latter potentially amounting to $7 per TB. Some service providers only have storage fees, which were quite low, while others have all three types of fees.

Issues Facing Decentralized Storage

The report also notes some issues that decentralized storage is currently facing, including “file loss,” “difficult to retrieve data,” and “high bandwidth requirements.” Some nodes only provide storage services and refuse retrieval, making it difficult to access stored data. While these challenges are being addressed, they are still worth considering when choosing a decentralized storage provider.

Market Growth and Utilization

Despite these challenges, the market for decentralized file storage is growing. According to data from Messari cited in the report, the total storage capacity of the four largest file storage blockchains increased by 2% year-over-year to 17 million terabytes (TB) at the end of 2022. Filecoin currently holds the largest market share at 67%, followed by Arweave (19%), Sia (8%), and Storj (6%). The network utilization among top players has also surged to 3.1% compared to just 0.2% in 2021.

Filecoin Network Upgrades

On April 27th, Filecoin announced the rollout of the nv19 Lightening and nv20 Thunder network upgrades to improve block validation times. As of April, the network has 22.7 million TB of storage capacity and 3,623 storage provider systems.

Source https://filecoin.io/blog

Considerations for Users

As the market for decentralized file storage continues to evolve and improve, it is important for potential users to carefully consider the costs and additional fees associated with different service providers. While some offer cheaper rates than others, additional fees may offset the initial savings. Additionally, it is important to consider the usability and security features of different providers to ensure the best fit for individual needs.

#filestorage #filecoin #decentralized #Web3