The Filecoin price rally continued in the overnight session as demand for the coin continued to rise. The FIL price rallied by more than 23% in the past 24 hours and by 90% in the past seven days. Its market cap has jumped to more than $9.70 billion, making it the 15th biggest cryptocurrency in the world.
What happened: Filecoin is a network relatively similar to Theta. Its goal is to decentralize the file storage and sharing industry that is today dominated by the likes of Microsoft, Alphabet, and Box, among others.
Users are able to earn tokens for sharing their free disc space and bandwidth. Like Bitcoin, Filecoin uses a mining system, instead of the popular proof-of-stake protocol. Theta, on the other hand, allows people to earn by sharing their bandwidth for video content.
Filecoin price prediction
The four-hour chart shows that the Filecoin price has been in a strong upward trend. Overnight, the price managed to move above the important resistance level at $140, which was the previous all-time high.
The price upward trend is being supported by the ascending trendline that is shown in black. It is also being supported by the 25-day and 15-day exponential moving averages (EMA). The two lines of the MACD have also made a bullish crossover.
Therefore, the price will likely keep rising as bulls target the next key resistance level at $200. However, we should not rule out a major pullback in the near term as some bulls start to take profit. If this happens, the price may retest the support $100.