Filecoin Price Speculation: FIL Could Hit $4 as Data Storage Demand Rises

Updated: 06 September 2023

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At the end of August, Filecoin (FIL) underwent a significant recovery, only to experience a reversal that pushed its value below the significant short-term support level of $3.56. Nonetheless, a distinct uptick is observable, with FIL trading at $3.27, representing a 1.6% increase in the last 24 hours.

As data demand rises, can FIL’s price reach $4?

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🔶 Industry Overview:

Data storage is one of the biggest challenges facing Web3

We generate over 2.5 quintillion bytes of data every day, and this figure is expected to grow by 20x with the advent of technologies such as the Metaverse pic.twitter.com/RYbyZKuOYy

— tory.io 🦾 (@MTorygreen) November 23, 2022

FIL/USD — FILUSD Chart Analysis. Source: Tradingview.com

As seen on the chart, the price of FIL appears to be consolidating below the $3.6 mark, fluctuating between the $3.6 resistance and $3.1 support levels.

It shows signs of rebounding around $3.1, hinting at a potential move toward the upper boundary of this consolidation phase.

This optimistic outlook is supported by the relative strength index (RSI), which is trending upward and rebounding from the oversold zone at 30.

This suggests strong buying interest as the RSI moves closer to its neutral position.

However, an overall bearish trend is due to the price-moving averages trading above the current price, indicating significant selling pressure against the bullish sentiment.

The bulls must exert pressure to surpass the 50-day- and 200-day moving averages to break free from this trend.

Based on this analysis, FIL’s short-term movement seems bullish, with a crucial level at $3.62. If the bulls can sustain this upward momentum, breaking above subsequent resistance levels at $4.1 and $4.6 becomes increasingly likely.

On the flip side, failure to breach the $3.6 resistance may prompt the bulls to retreat to the previous support level at $3.1, regroup, and gather strength for another push upward.

While FIL investors search for opportune entry points in FIL’s price, they might consider exploring the newly launched BTCBSC token, which offers an enticing presale entry price.

Bitcoin BSC (BTCBSC), Alternative to Filecoin

The Bitcoin-BSC (BITCOINBSC) is a BEP-20 iteration of Bitcoin developed on the BNB Smart Chain, emulating the inception of Bitcoin back in 2011.

In parallel with Bitcoin’s issuance of new BTC every 10 minutes, the BTCBSC staking smart contract distributes BTCBSC tokens following this block schedule.

Bitcoin BSC aims to outperform all Bitcoin clone coins and to achieve this goal, it employs a not-so-secret weapon – staking.

Staking has been a popular concept in the crypto DeFi space, though enthusiasm waned due to the high-profile failures of staking ecosystems like Terra Luna.

https://twitter.com/Bitcoinbsctoken/status/1699392044542603471?s=20

Bitcoin BSC seeks to emulate BTC20 by adopting a similar design and strategy, providing a secure foundation for price growth.

It also incorporates staking as an integral part of its design.

With BTCBSC running on the BNB Smart Chain, yields are distributed over 120 years, aligned with Bitcoin block confirmations.

In total, 69% of the token supply is allocated for distribution as rewards. Staking offers token holders a means to earn rewards based on the number of coins they deposit into a staking smart contract and the duration of their stake.

This staking feature provides price support and offers network participants positive capital returns and income yields.

BTCBSC Presale Offers Early Investors a Shot at Bitcoin-Style Gains

The presale phase aims to garner $3,960,000, with a high anticipated demand for BTCBSC potentially paving the way for substantial gains. Notably, the presale has already accrued $29,596.05 per token, each selling at $0.99 — a price point reminiscent of Bitcoin’s early stages in 2011.

https://twitter.com/Bitcoinbsctoken/status/1698720108443562327?s=20

This presents an opportunity for early investors to benefit from potential gains in the upcoming Bitcoin halving bull run.

BTCBSC shares the same total token supply as Bitcoin (21 million tokens), with 29% offered in the presale, resulting in an initial market cap of $6,063,750. An additional 2% is reserved for DEX liquidity.

69 percent of BTCBSC tokens (14,455,000) are reserved for staking rewards, distributed every 10 minutes. The maximum supply will be reached in approximately 120 years.

Investors can buy and stake tokens with a 7-day lock on withdrawals. BNB is needed for the presale, but ETH can be used for staking after the presale.

BTCBSC offers advantages over Bitcoin, such as a proof-of-stake protocol, lower transaction fees ($0.10 vs. $10 on Bitcoin), fast transaction speeds (under 5 seconds), and development possibilities on the BNB Smart Chain.

Bitcoin BSC staking is operational even before the coin is listed on the decentralized exchange PancakeSwap.

Interested investors can acquire BTCBSC tokens by linking their wallets to the BTCBSC website and swapping their ETH or USDT for the tokens.