Filecoin, serves as a decentralized blockchain -based data storage and processing system. Crypto is developed on top of the InterPlanetary File System (IPFS) founded by Juan Benet.
Filecoin also allows its users to rent unused hard drive space to store and retrieve data. The model is similar to Snowflake which completed the largest software IPO in history in September 2020.
Interestingly, since four years ago, Filecoin has come up with a unique layer 1 blockchain (layer one blockchain) as a competitor to Ethereum.
Next, let’s look at the FIL/USDT price movement chart.
FIL caught the attention of investors in the market when it made a jump of over 800% in early February 2021 to record an all -time high (ATH) at the price level of $ 237.24.
However, the crypto market 'crash' situation in May saw the price of FIL drop to $ 50.00.
According to crypto analysts' forecasts, FIL is expected to make an increase to test the SBR (support become resistance) zone again around the $ 90 price.
If the FIL price movement manages to break the resistance level, the bullish target is seen to test the next SBR zone at the $ 130 price level before heading to a higher level.
Worryingly, if the price continues to decline to a lower price level, the support zone around the $ 60.00 price will be tested and will be the observation of investors to assess the price reaction in that zone.
At the time of writing, FIL/USDT is trading at around $ 77.40, down over 9% in 24 hours.
