21.05.202112:21 Forex Analysis & Reviews: Trading idea for Filecoin

Filecoin (FIL) is a decentralized system for storing data. Its initial placement (ICO) in 2017 raised $ 205 million, but the launch in mid-2019 did not take place as previously planned.

It has an open protocol that is supported by a blockchain that records the commitments participants take on transactions that are made using FIL.

FIL is the blockchain's own currency, which is immediately based on the proof of repetition and on the proof of space-time.

The founder of Filecoin is Juan Benet, an American computer scientist who also created the Interplanetary File System (IPFS).

The idea behind Filecoin is to store data in a decentralized way, a distinctive feature that sets it apart from other companies like Amazon Web Services and Cloudflare, which have cloud storage. FIL's decentralized nature protects the integrity of the data location, making it easier for users to retrieve files, all while complicating surveillance.

To be more specific, Filecoin allows users to act as custodians of their own data. It also makes participants work honestly, not to mention stores significantly more data.

In total, Filecoin (FIL) has 2 billion tokens issued as block rewards over the next decades. Its market cap has reached the 23rd place, exceeding more than $ 6 billion. It continues to grow quite actively, and currently costs $ 85.

Considering this, investors can work for a further price increase, especially since Filecoin has not yet reached a new all-time high. At the time of writing, it is 2.6 times cheaper from its highest value ($ 238).

So, based on the three-wave pattern that was formed on the chart, investors can open short positions in the market, aiming for a 23.6% retracement from the current level ($87.600). Place stop loss at $19.960, and then take profit as soon as the quote hits $238 and $285.

Good luck and have a nice trading day!