The crypto market is currently witnessing a recession in prices. Bitcoin has slumped to the lows of $54K, while Ethereum has gone back to $4K. While the dips in the two have caused a recession across the broader market, some coins are registering gains. Filecoin is among the few coins currently trading in the green zone.
Filecoin is trading at $52.47 at the time of writing after a 2.1% dip in 24 hours.
Filecoin price analysis
The crypto market is currently showing signs of a bearish trend, and filecoin is among the few tokens still recording some slight gains.
Nevertheless, filecoin was one of the tokens that failed to make substantial gains during the recent bull market. It started a decline at the mid of November, and while it is showing recovery, the lack of broader market support could hinder the uptrend.
If filecoin continues with its gains, it could test the upper resistance at $55. During the past 24 hours, it had attempted to reach and break out past $60, but the buyer and market support were not strong enough.
If filecoin sheds its gains, it could drop towards the lower support level of $48. Dipping to such lows will place it back to the lower values it was trading at before the bullish trend happened. A bearish trend is more possible if the broader market fails to recover.
Filecoin’s network seeks to offer a decentralized storage system for protocols, cryptocurrency and the entire. The network is currently running an initiative dubbed the Techstars accelerator that seeks to discover new developers.
Where to buy FIL
If you want to buy filecoin during the current gains, you can create an account on the following platforms:
eToro is one of the leading cryptocurrency exchange platforms in the market. eToro supports unique features such as copy trading and low trading fees. Through copy trading, a new trader on eToro can copy the trading strategies used by expert traders.
Binance is the largest cryptocurrency exchange platform, and it supports filecoin and a wide range of other cryptocurrencies and trading pairs. Binance has the lowest trading fees in the market and offers high liquidity for fast trades.
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