Filecoin up 25% despite a flushed market
While the entire market turned red, FIL, the token of the Filecoin decentralized storage project, ignored the FUD coming from Elon Musk's Twitter and surged 25%, climbing to its highest levels since May 18.
Today, FIL has become a real star of the altcoin market, not only maintaining its positions but also improving them, which has notably angered the bears. The token peaked at $102.10 in the FIL/USD pair today at 03:00 UTC, after which its value declined slightly, remaining in the green zone. Now the price of the token on Binance is $89.97.
Meanwhile, the price of Bitcoin has dropped by over 5.3% and Ethereum by 6.52%. The top ten CoinMarketCap followed the lead of the main cryptocurrencies of the market, dropping in price by an average of 9%. Against this background, market capitalization also “sank” by $128 billion.
Many were surprised by the resilience of Filecoin, especially since there were no high-profile events or statements related to decentralized file storage this week. The latter happened on May 27, when the developers announced an update to the HyperDrive network and an increase in the storage connection speed by 10-25 times.
However, the token managed to attract the attention of traders who, based on the value of the RSI, considered it undervalued. This provided short-term “insurance” for those trying to compensate for the risks after a slight “drawdown” in the market against the backdrop of another tweet from Musk.
It is unlikely that Filecoin expects an uptrend until a really significant event occurs in its news background. But looking at the blushing market, it is nice to realize that at least the holders of this token today are not subject to depressive moods.
This review is not an advertisement or a recommendation to action, but merely an informational one. The publisher and the author are not responsible for your decisions.