• Filecoin price forecast ahead of launchpad demo day

  • On Monday, the price of Filecoin skyrocketed as traders anticipated the upcoming demo day. The FIL token reached a high of $62, its highest level since Thursday. It has risen by more than a quarter since its low on Friday.

    The Filecoin ecosystem is expanding.

    Filecoin (FIL/USD) is a rapidly expanding blockchain project that is revolutionizing the storage industry. The developers created a platform that allows individuals and businesses to store files in a decentralized manner. They keep these documents on computers owned by ecosystem members.

    According to data compiled by the developers, its ecosystem contains over 260k CIDS, 765 unique providers, and more than 28.42 PIB.

    The use case for Filecoin has grown significantly in recent months. Dapper Labs, for example, recently partnered with Filecoin to provide gaming metaverse on the Flow blockchain.

    Similarly, Filecoin has been chosen as the storage provider for Near Protocol. It also has interoperability with well-known blockchain projects such as Hedera Hashgraph and Chainlink.

    Filecoin is also a market leader in the Non-Fungible Tokens (NFT) sector. OpenSea announced in July that it had launched a feature to freeze NFTs using the Filecoin network. All of this user adoption has contributed to Filecoin’s total market capitalization exceeding $6.8 billion.

    The price of Filecoin is rising as investors await the Launchpad Demo Day, which is scheduled for Tuesday this week. Blockbets, Inflow Music, Huddin, and the Mona Gallery are among the platforms that will demonstrate during this demo day.

    Filecoin price forecast

    According to the daily chart, the FIL price has recently been under intense pressure. The token has dropped nearly half its value since its peak in September. At the same time, it appears to have formed a head and shoulders pattern. Indeed, the price is currently slightly below the pattern’s neckline.

    It has also fallen below the 25-day and 50-day exponential moving averages (EMA), and the MACD has been trending downward.

    As a result, the Filecoin price is likely to resume its downward trend as bears target the key support level of $40. A move above the neckline at $66, on the other hand, will invalidate the bearish view.

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