05.03.2024

Filecoin price prediction: is it safe to buy the FIL dip?

Filecoin price remained under intense pressure following last week’s crash. The token was trading at $3.37 on Tuesday, lower than last month’s high of $4.93. Its market cap has slipped to more than $1.5 billion.

Latest Filecoin news

Filecoin, the giant blockchain network for the storage industry, introduced two important features on Monday. In a statement, they launched Lotus Slasher, a feature that will improve network security and integrity.

Lotus slasher look for consensus faults where block producers engage in malicious activities. When the network detects these activities, it will fine the producer by reducing the offender and rewarding the reporter.

The other product was Lotus Disputer, where disputers will be able to challenge and verify proof of storage and slash providers who submitted invalid WindowPosts in the network.

The goal of these products is to strengthen the ecosystem by aligning incentives and allowing the community to self-police.

For starters, Filecoin is a leading project that is in the storage and cloud computing industry. The network makes it possible for users to provide storage to other people and companies in a decentralized way.

Filecoin has also introduced new features that help them do computing. These features aim to position it as the best alternative to Amazon’s AWS and Microsoft Azure. Also, Filecoin launched FVM, a platform that makes it possible for developers to launch dApps in its ecosystem.

Filecoin price prediction

The daily chart shows that the FIL price has been in a bearish trend after peaking at $9.49 earlier this year. The decline gained steam after last week’s crypto crash, which pushed it to the lowest level since June 10th. Filecoin has dropped below the descending trendline shown in black.

It has also moved below the 50-day moving average while the Relative Strength Index (RSI) and the MACD have drifted downwards. Therefore, the coin will likely have a bearish breakout, as sellers target the key support at $2.80, the lowest level on June 10th.

  • Filecoin price remained under intense pressure this week.
  • The coin has plunged to the lowest level since June 10th.
  • The developers introduced slasher and lotus disputer.

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