Category: Filecoin

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Chiliz Crypto News Filecoin Horizen Market Analysis Trading

Top 3 Coins to Watch Today: FIL, CHZ, ZEN – August 18 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-space-time.

FIL Price Analysis

At the time of writing, FIL is ranked the 33rd cryptocurrency globally and the current price is US$8.22. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has dropped 85% from its Q2 highs, finding support near $5.16 before starting a consolidation range. This level, near the lows, could continue to provide support. A year-long consolidation from 2019 to 2020 pivoted around this level many times. It’s also near the middle of the last down candle before 2020’s massive rally. A retest of this level would run bulls’ stops under swing lows formed in late June and early July.

The price is testing a closer area of possible support near $7.83. Bulls rejected bears many times in early July at this level. It’s also in the upper part of July’s swing low candle. The closest resistance is likely near $8.65. This area, up to $9.40, shows inefficient trading on the daily chart. It also contains the 9 and 18 EMAs.

If the price breaks through this level, it may aim for bears’ stops above $9.72. Even if it doesn’t reach these stops, the area between $9.96 and $10.18 could provide a bearish setup. Here, bears rejected bulls near the bottom of an area of inefficient trading on the weekly chart.

If the market turns more bullish, a rally beginning in this range may be aiming for the new monthly highs, near $10.40. This level is near the bottom of an area of inefficient trading on the daily chart.

2. Chiliz (CHZ)

Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Here, fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company states its vision is to bridge the gap between active and passive fans, providing millions of sports fanatics with a fan token that acts as a tokenised share of influence.

CHZ Price Analysis

At the time of writing, CHZ is ranked the 46th cryptocurrency globally and the current price is US$0.2196. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHZ‘s stunning rally to $0.2550 plummeted over 13% to sweep consolidation lows at $0.1925. This could set the stage for a new bullish cycle to begin. 

The price is currently balancing around the monthly open. A quick stop run into support beginning near $0.1820 could set the stage for a move into the daily gap beginning near $0.1735, potentially reaching resistance near $0.2437.

A sweep of the highs near $0.2558, followed by a sharp sell-off, hints that bulls are preparing to run the swing high near $0.2647. This run could find the next resistance around $0.2846 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near $0.3028.

3. Horizen (ZEN)

Horizen ZEN is an interoperable blockchain system supported by a decentralised node infrastructure. Its sidechain platform focuses on scalable data privacy, and as such enables businesses as well as developers to build private or public blockchains using the unique sidechain technology known as Zendoo. Horizen claims to be completely decentralised, fully customisable with privacy features, and supports low costs associated with building blockchains with configurable revenue models and an unlimited number of tokens and digital assets.

ZEN Price Analysis

At the time of writing, ZEN is ranked the 126th cryptocurrency globally and the current price is US$20.98. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZEN saw an energetic run during Q1, climbing approximately 70% before cooling off into resistance beginning near $32.85 that pinned down last month’s attempt to rally, which is likely to retest possible support near $15.64.

A deeper marketwide retracement could take out the relatively equal lows below the weekly open and support near $18.23. This move may offer entries near probable support between $17.47 and $16.78.

However, more bullish market conditions may prompt a rally to the relatively equal highs near $24.67 into resistance beginning at $26.46. If the price reaches this level, the last high at $29.58 gives the next likely target before price discovery begins.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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ChainLink Crypto News Ethereum Classic Filecoin Market Analysis Trading

Top 3 Coins to Watch Today: FIL, ETC, LINK – August 4 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-space-time.

FIL Price Analysis

At the time of writing, FIL is ranked the 32nd cryptocurrency globally and the current price is US$8.64. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has dropped 80% from its Q2 highs. It found support near $5.20 before starting a consolidation range. This level, near the lows, could continue to provide support. A year-long consolidation from 2019 to 2020 pivoted around this level many times. It’s also near the middle of the last down candle before 2020’s massive rally. A retest of this level would run bulls’ stops under swing lows formed in late June and early July.

The price is testing a closer area of possible support near $8.00. Bulls rejected bears many times in early July at this level. It’s also in the upper part of July’s swing low candle. The closest resistance is likely near $8.95. This area, up to $9.30, shows inefficient trading on the daily chart. It also contains the 9 and 18 EMAs.

If the price breaks through this level, it may aim for bears’ stops above $9.62. Even if it doesn’t reach these stops, the area between $9.90 and $10.25 could provide a bearish setup. Here, bears rejected bulls near the bottom of an area of inefficient trading on the weekly chart.

If the market turns more bullish, a rally beginning in this range may be aiming for the new monthly highs, near $10.39. This level is near the bottom of an area of inefficient trading on the daily chart.

2. Ethereum Classic (ETC)

Ethereum Classic ETC is a hard fork of Ethereum that launched in July 2016. Its main function is as a smart contract network, with the ability to host and support decentralised applications (DApps). Its native token is ETC. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmaps diverging further with time. Ethereum Classic set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.

ETC Price Analysis

At the time of writing, ETC is ranked the 19th cryptocurrency globally and the current price is US$36.94. Let’s take a look at the chart below for price analysis:

Source: TradingView

During July, ETC broke several swing highs that could be the signal for a new bullish trend. Last week’s break of the most recent swing low could suggest some downside in the short term. It formed probable resistance near $40.32 and may target the swing low and possible support near $33.90.

The swing low and possible support near $30.21 could be the second bearish target if the move down continues. The relatively equal lows near $29.00 and possible support underneath near $27.45 could provide more substantial support.

The last swing high near $43.52 gives a near-term target if the bullish continuation continues. However, resistance beginning around $47.80 could cap this move. A break of this resistance might continue to probable resistance near $53.03 and reach above the cluster of relatively equal highs near $58.49.

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events, and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

At the time of writing, LINK is ranked the 24th cryptocurrency globally and the current price is US$7.51. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s early Q2 trend retraced near $5.70 into the consolidation that began the impulse before bouncing to $8.42. This consolidation could provide support again, although bears would first have to push the price through possible support near $7.90.

The market’s structure may be shifting bearish, with $7.10 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $6.70 before finding support near $6.27.

However, the bullish higher-timeframe trend may prevail, with relatively equal highs near $8.37 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the Q1 wick near $9.18.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Bitcoin Crypto News Ethereum Filecoin Investing

Australian Asset Manager ‘Holon’ Launches Multiple Low-Cost Crypto Funds

Following recently approved Australian crypto exchange-traded funds (ETFs), Sydney-based Holon Global Investments (Holon) has just launched three crypto funds of its own, partnering with Gemini as its custodian:

Low-Cost Alternative for Retail Investors

Holon, an asset manager which identifies itself as a Web3 investor, has launched three unlisted funds that provide access to bitcoin, ethereum and filecoin respectively.

According to the investment firm, the funds are currently the only managed investment schemes for digital assets available to retail investors that are registered with the Australian Securities and Investments Commission (ASIC).

We are huge believers in the potential for blockchain and cryptocurrency to revolutionise key areas of the global and Australian economy, including finance and data storage. But Australian investors, financial investors, and financial advisers have struggled to find regulated ways to invest.

Heath Behncke, managing director, Holon

The funds have a A$5,000 minimum investment, or A$2,000 with a A$200 per month savings plan. Furthermore, Holon has suggested that all three funds hold long positions only, as there is no gearing or trading.

Notably, the funds will incur a management fee of 0.4 percent, significantly less than the 1.25 percent fee charges by the initial group of approved Australian crypto ETFs.

Holon’s head of asset management highlighted the thought process behind this decision in a recent interview with the Australian Financial Review:

We don’t think we’re adding an enormous amount of value here, and so we shouldn’t be charging an enormous fee.

Rory Scott, head of asset management, Holon

Holon Strengthens Ties with Gemini

According to a statement by Gemini, it will act as custodian for all three funds, given its credentials and experience in operating within challenging regulatory environments. But this isn’t the first time Holon has teamed up with Gemini. Last year, it partnered with the Winklevoss-led outfit after launching its Filecoin wholesale fund.

Holon’s managing director Heath Behncke was excited about the launch, commenting:

The Holon funds have been carefully structured to include Gemini’s institutional grade custody to provide investors and financial advisors with attractive exposure to some of the most credible and exciting cryptocurrencies – Bitcoin, Ethereum and Filecoin.

Heath Behncke, managing director, Holon

It’s interesting to note that when Commonwealth Bank of Australia announced its foray into crypto, which has since been postponed, it too leaned on Gemini for custodial services. At present, it isn’t clear whether there is simply a lack of credible local institutional-grade custodians, or whether other factors, such as regulations, are at play.

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CEEK VR Crypto News Filecoin GMT Token Market Analysis Trading

Top 3 Coins to Watch Today: CEEK, FIL, GMT – July 12 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

CEEK is an award-winning developer of premium social virtual and augmented reality experiences. Its mission is to empower creators with the tools needed to generate new revenue streams from their artistry digitally. Ceek is helping music artists, athletes, event creators and makers create content direct to fan experiences that drive long-term sustainable engagement within existing and emerging virtual worlds.

At the time of writing, CEEK is ranked the 106th cryptocurrency globally and the current price is US$0.3247. Let’s take a look at the chart below for price analysis:

Source: TradingView

CEEK has bounced 320% from its early June low and is now filling in an area of inefficient trading formed from April to June.

The price is testing possible support near $0.2889. This area shows inefficient trading on the daily chart. It also overlaps with old swing lows, an old swing high, and the low end of inefficient trading on the weekly chart.

If this level fails to hold, the price might resume its bearish trend. The consolidation near the June monthly open could provide a speedbump for bears. This zone is between the recent rally’s 61.8% and 78.6% retracements. It also shows inefficient trading on the weekly and daily charts. 

For now, an area near $0.3376 offers the closest resistance. This level overlaps with the recent swing high. It’s also near the top of an inefficiently traded area on the weekly chart.

If this level breaks, bulls may be targeting $0.3850 next. Here, the price broke down in late April from its consolidation. As it broke down, it formed an area of inefficient trading on the weekly and daily charts.

If the rally continues, $0.4445 might offer the next resistance. The 9, 18 and 40 EMAs flipped bearish near this level. It’s also near the midpoint of April’s consolidation range. This midpoint is near the 61.8% retracement of the late April and early May drop.

2. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-space-time.

FIL Price Analysis

At the time of writing, FIL is ranked the 39th cryptocurrency globally and the current price is US$5.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has dropped 83% from its April high. It found support near $5.080 before starting a consolidation range.

This level, near the lows, could continue to provide support. A year-long consolidation from 2019 to 2020 pivoted around this level many times. It’s also near the middle of the last down candle before 2020’s massive rally. A retest of this level would run bulls’ stops under swing lows formed in late June and early July.

The price is testing a closer area of possible support near $5.3010. Bulls rejected bears many times in early July at this level. It’s also in the upper part of June 18’s swing low candle.

The closest resistance is likely near $5.485. This area, up to $5.680, shows inefficient trading on the daily chart. It also contains the 9 and 18 EMAs.

If the price breaks through this level, it may aim for bears’ stops above $5.9250. Even if it doesn’t reach these stops, the area between $5.8210 and $5.9525 could provide a bearish setup. Here, bears rejected bulls near the bottom of an area of inefficient trading on the weekly chart.

If the market turns more bullish, a rally beginning in this range may be aiming for the June monthly open, near $7.990. This level is near the bottom of an area of inefficient trading on the monthly chart. The daily chart also shows that bears rejected bulls here before June’s drop.

3. STEPN (GMT)

Stepn GMT is a self-styled “Web3 lifestyle app” with GameFi elements on the Solana blockchain. It combines aspects of a play-to-earn game with a fitness app to create a new category called “move-to-earn”. Users buy NFT sneakers, which they can use to earn in-game currency while walking, running, or jogging. STEPN aims to revolutionise the market of fitness applications by incentivising millions of users to follow a healthier lifestyle. The app solves several problems like “proof of movement” – proving that users really exercised – and a functioning GPS system. Moreover, STEPN incentivises users financially and plans to introduce social rewards elements and successfully contribute to carbon neutrality. 

GMT Price Analysis

At the time of writing, GMT is ranked the 69th cryptocurrency globally and the current price is US$0.8755. Let’s take a look at the chart below for price analysis:

Source: TradingView

GMT has retraced much of 2022’s parabolic run. It dropped 87% from its April high before rallying in mid-June.

Bulls are testing $0.8718 to see if it can hold as support. This area shows inefficient trading on the daily chart. It’s also near the top of early July’s accumulation before the most recent rally.

Even if the price eventually moves higher, it may first drop under the July monthly open to an area near $0.8099. Bulls rejected bears in early July at this level. It also overlaps with an area of accumulation in late June.

If the market sees it as bearish, a retest of $0.9514 could prove this level as resistance. Bears already rejected bulls once here. This level also contains the 40 EMA and is inefficiently traded on the daily chart.

A break through this resistance could retest an old area of inefficient trading, near $1.0832. The target would likely be bulls’ stops above highs at $1.1130 and $1.0557. 

If the price reaches this level, it may go one step further and retest the June monthly open near $1.1651. This level is at the low end of inefficient trading on the monthly chart. It’s also the origin of early June’s sudden breakdown.

Yet, while the market remains bearish, traders may want to focus on bearish scenarios. Rejection from any resistance might reach near $0.6813. This area shows inefficient trading on the daily chart. Bulls also rejected bears here on the weekly chart before starting June’s rally.

Below this level, $0.5346 may be the next target if the bearish trend continues. This area shows inefficient trading on the daily and weekly charts. It’s also just below relative equal lows, formed in mid-June. Bulls’ stops under these lows offer attractive targets to bears.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Filecoin HedgeTrade Market Analysis Oasis Network Siacoin

Top 3 Coins to Watch Today: ROSE, FIL, SC – June 24 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Oasis Network (ROSE)

The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionising Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.

ROSE Price Analysis

At the time of writing, ROSE is ranked the 107th cryptocurrency globally and the current price is US$0.05164. Let’s take a look at the chart below for price analysis:

Source: TradingView

ROSE climbed 42% from its Q1 low, then dropped nearly 75% into support last week.

The price is currently testing this support again, near $0.04690. It may provide support again and has confluence with the 61.8% and 78.6% retracements.

Resistance begins just above, at $0.05837. This inefficiently traded area, which reaches slightly beyond $0.06462, contains the monthly open, a bearish market structure break on the daily chart, and the 9, 18 and 40 EMAs. 

These confluences often provide strong resistance. Since this resistance is close to the $0.07190 support, the price may enter consolidation before breaking out to the next move.

If the price breaks this resistance, bulls could eye an area of old rejection, near $0.07562, as their next target. Continuation through this level may target another area of bearish rejection on the weekly chart, near the 27% extension from $0.07895 to $0.08065.

A more significant bearish turn in the market may reach for bulls’ stops under the Q2 lows, down to an area of old support in an inefficiently traded area between $0.04341 and $0.03917.

2. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 38th cryptocurrency globally and the current price is US$5.68. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has dropped 77% from its early Q2 highs. It’s now 95% down from its March 2021 all-time high. 

The price is currently in a small consolidation range. This range’s lower lows suggest bearishness. 

A rally near $6.50 could set the stage for another move lower. This level would provide a run on bears’ stops above the last daily swing high and is above the June monthly open. 

A break through this level could reach between $7.60 and $8.35. This zone shows inefficient trading on the weekly and daily charts. It also contains the 40 EMA. Relatively equal highs at the bottom of this zone mark bears’ stops. These stops provide bulls with an attractive target.

Bulls should be careful, however. The price is trending lower, and the current market conditions are bearish. Yet a consolidation near $5.63 could provide at least short-term support. This consolidation followed the last drop lower.

Chaotic price action below this level makes precise levels impossible to determine. Still, bulls could look for support near old swing highs formed in late 2019 near $5.14. 

Slightly lower, an area near $4.63 could also cause the formation of a bullish setup. This area is around the midpoint of significant consolidation. It’s also near the origin of 2020’s rally.

3. Siacoin (SC)

Siacoin SC is the native utility token of Sia, a blockchain-based distributed, decentralised cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet”.

SC Price Analysis

At the time of writing, SC is ranked the 122nd cryptocurrency globally and the current price is US$0.003962. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 72% decline from April, SC has ranged between $0.003723 and $0.005165.

The recent rally is approaching probable resistance near $0.004930 but could be aiming for stops above the relatively equal highs near $0.005430. Continuation of the bullish move could target the daily gap near $0.006124.

Aggressive bulls might add to positions near $0.003640 and $0.003492. Price action near $0.003272 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $0.003043 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $0.002675.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Ethereum Filecoin Market Analysis Monero Trading

Top 3 Coins to Watch Today: ETH, FIL, XMR – June 7 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ethereum (ETH)

Ethereum ETH is a decentralised open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralised smart contracts. Ethereum’s own purported goal is to become a global platform for decentralised applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

ETH Price Analysis

At the time of writing, ETH is ranked the 2nd cryptocurrency globally and the current price is US$1,858. Let’s take a look at the chart below for price analysis:

Source: TradingView

ETH has dropped 53% from its April highs and is now consolidating above many swing lows formed in summer 2021, near $1,700.

An inefficiently traded area could provide the closest near-term resistance. This area is between $1,852 and $1,924. 

If the price stays nearby, it’s more likely to serve resistance. This zone is near the June monthly open, contains the 18 EMA, and is above the 9 EMA.

A break through this level may target bears’ stops above the series of swing highs up to $2,164. The weekly chart shows inefficient trading in this area. It overlaps with swing lows from January and February 2022 and is near the 40 EMA.

If the price does rally this high, it could signal the start of a more significant bullish shift. This rally could reach as high as $2,458. March’s lows and inefficient trading on the weekly chart align with this level, yet the price has not indicated that it will go this high.

Many swing lows near $1,700 provide a tempting target for bears. Bulls will likely wait for a stop run below these lows before considering an entry. Inefficient trading on the daily chart from $1,687 to $1,616 could mark the sweep’s bottom.

Bulls should be cautious. A liquidation cascade and the current bearish conditions could cause a more significant drop. 

If bears do overpower bulls, the next higher-timeframe support might be near $1,292. This area shows inefficient trading on the weekly chart. It also overlaps with 2017’s cycle high and would sweep most bulls’ stops.

2. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 40th cryptocurrency globally and the current price is US$7.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has dropped 77% from its April highs. It’s now 97% down from its March 2021 all-time high. 

The price is currently in a small consolidation range. This range’s lower lows suggest bearishness. 

A rally near $8.36 could set the stage for another move lower. This level would provide a run on bears’ stops above the last daily swing high and is above the June monthly open. 

A break through this level could reach between $9.47 and $10.58. This zone shows inefficient trading on the weekly and daily charts. It also contains the 40 EMA. Relatively equal highs at the bottom of this zone mark bears’ stops. These stops provide bulls with an attractive target.

Bulls should be careful, however. The price is trending lower, and the current market conditions are bearish. Yet a consolidation near $7.63 could provide at least short-term support. This consolidation followed the last drop lower.

Chaotic price action below this level makes precise levels impossible to determine. Still, bulls could look for support near old swing highs formed in late 2019 near $6.74. 

Slightly lower, an area near $5.48 could also cause the formation of a bullish setup. This area is around the midpoint of significant consolidation. It’s also near the origin of 2020’s rally.

3. Monero (XMR)

Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users irrespective of how technologically competent they are.

XMR Price Analysis

At the time of writing, XMR is ranked the 27th cryptocurrency globally and the current price is US$190.56. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR swept 2022’s range high in April, then dropped 60% to sweep its range low. The price is currently near the range’s midpoint.

Since the price is in the middle of its range, there is no clear direction for the next move. Wednesday’s event could generate volatility. This volatility may create better hints for the next significant move’s direction.

The June open, near $197.70, could provide resistance during a retest. This area saw distribution before last week’s downward move. It’s also near the low end of early May’s inefficient trading. 

Slightly higher, $212.00 may also provide resistance. Before May’s sharp drop, the price consolidated in this area. It also accumulated here in early April.

A strong rally might reach over early May’s consolidation to $229.80. This rally would run bears’ stops and cross over the 2022 yearly open. The weekly chart also shows an inefficiently traded area around this price.

The price is currently near possible support at $190.10. This area contains the 18 EMA and formed the base of late May’s rally. It should hold if a significant bullish move is next.

If this level breaks, bulls could look for possible support near $155.10. The price may want to run bulls’ stops below May’s swing low while staying above May 12’s swing low. This area saw significant buying in January and February.

Learn How to Trade Live!

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Crypto News Data Filecoin

Filecoin and Lockheed Martin Set to Bring Decentralised Storage into Space

Filecoin Foundation and the aerospace corporation Lockheed Martin (LMT) announced on May 24 that they’re working together to deploy Filecoin’s Interplanetary File System (IPFS) in space. 

The companies claim existing networking protocols that are adequate for terrestrial communication, such as HTTP, will not be suitable for space-based services due to their centralisation and significant latency when transferring data over vast distances.

Following the announcement, Filecoin’s (FIL) price briefly spiked about 10 percent before retracing the gains and returning to its pre-announcement price range.

Modern Problems Require Modern Solutions

According to Lockheed Martin’s vice president of advanced programs development, Joe Landon, the space economy is rapidly developing and requires new communications and data storage infrastructure to allow businesses and governments to take full advantage. 

Landon says Lockheed Martin’s collaboration with Filecoin will be an important next step in creating this new space-based infrastructure:

Soon, space will no longer just be a destination. It will be home to the new space economy, independent of Earth, [and] the work we’re doing with Filecoin reinforces an investment in building space infrastructure. We need to develop the technology to support a long-term presence in space. 

Joe Landon, vice president, advanced programs development, Lockheed Martin

Collaboration Begins with Pilot Study

The Filecoin-Lockheed Martin collaboration starts with a study, to be completed by the end of August, which has three primary goals:

  • identify a spacecraft platform that can house the first space-based IPFS node;
  • define “mutual compatibility requirements” for the spacecraft and the IPFS node; and
  • identify demonstration missions to show off IPFS’s utility in space.

The early demonstration missions are planned to be low-Earth orbit missions, with long-term plans to conduct missions on the moon and eventually other planets.

IPFS Always Intended for Space Use

As its name suggests, Filecoin’s Interplanetary File System was always intended to be used in space. IPFS is a decentralised protocol for storing and sharing data, which uses content-addressing to uniquely identify files and then access them from the nearest available source, rather than from a centralised server. 

IPFS to reduce latency. Source: Filecoin Foundation

According to Filecoin Foundation’s president, Marta Belcher, IPFS has the potential to drastically reduce loading times and latency when used over the vast distances of space:

Today’s centralised internet model doesn’t work in space. On today’s internet, every time you click something, that data has to be retrieved from a centralised server; if you’re on the Moon, there will be a multi-second delay with every click, as content is retrieved from Earth. Using IPFS, data does not need to go back and forth from Earth with every click; instead, when you put in an IPFS ‘content ID’, that content is retrieved from wherever is closest, rather than being retrieved from a particular server in a particular place. That means if someone else nearby on the Moon has already retrieved that data, the data only has to travel a short distance and can get to you quickly instead of travelling back and forth from Earth with every click.

Marta Belcher, president and chair, Filecoin Foundation

In other Filecoin news, last month its price surged over 52 percent in a single day following the announcement of its partnership with a new NFT ecosystem.

Categories
Crypto News Filecoin ICON Market Analysis Trading TRON

Top 3 Coins to Watch Today: TRX, ICX, FIL – March 10 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 25th cryptocurrency globally and the current price is US$0.06141. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market during the January drop, falling nearly 45% from its mid-December high until it found a low early in February.

Price action formed a weekly support level near $0.06054, which has so far held up the price. The most recent swing low inside this range, near $0.05829, might be the target for any future stop runs. After this low, the swing low near $0.05689 and the gap beginning near $0.05355 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.06892, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07435 – but could reach as high as $0.08037.

2. ICON (ICX)

ICON is a decentralised blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer such as ICON. The ICON blockchain is powered by loopchain, a blockchain engine designed by ICONLOOP.

ICX Price Analysis

At the time of writing, ICX is ranked the 104th cryptocurrency globally and the current price is US$0.7918. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICX‘s 250% growth during Q4 2021 has continued its grinding downward trend at a steady pace.

At the current price, near the local range’s high, $0.9105 could support a move toward new monthly highs. If the price dips, an area near the range low and 9, 18 and 40 EMAs could provide a better risk-to-reward entry for bulls.

A more significant bearish shift in the market could send the price down to a larger range’s lows near $0.7134 and possibly as far as $0.6807. This area saw a strong reaction during last week’s retracement.

Bulls will likely take some profits near the highs at $0.9273, but the price could continue well beyond the highs. The final target is impossible to predict, but extensions from early 2021’s significant move and the current range suggest that bulls might take more profits near $1.05 and $1.16.

3. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 39th cryptocurrency globally and the current price is US$18.94. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has retraced nearly 70% since its December highs, with little higher-timeframe support below the current price.

After rejecting resistance at $23.41, the price is crossing below the March open. This area near the monthly open, between $21.46 and $20.97, might form a new resistance. 

A break through this level could reach near $22.88. A retest of possible higher-timeframe support near $17.43 could provide a bounce. However, if the price moves under $16.75 and retests it from below, higher timeframes show no remaining support below this region.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Crypto News CUDOS Filecoin Harmony Market Analysis Trading

Top 3 Coins to Watch Today: FIL, ONE, CUDOS – February 15 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 44th cryptocurrency globally and the current price is US$20.90. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has retraced nearly 93% since its April 2021 high, with little higher-timeframe support below the current price.

After rejecting resistance at $26.21, the price is crossing below the February open. This area near the February open, between $20.46 and $20.97, might form a new resistance. 

A break through this level could reach near $21.88. A retest of possible higher-timeframe support near $19.23 could provide a bounce. However, if the price moves under $18.03 and retests it from below, higher timeframes show no remaining support below this region.

2. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 50th cryptocurrency globally and the current price is US$0.1855. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a strong rally during the second half of 2021, ONE has ranged between $0.16326 and $0.38000.

The price is currently testing possible support, near $0.18317, for the third time. This area has confluence with the 61.8% retracement level of 2021’s bull run and the February monthly open. While it could provide support again, multiple retests of a level often lead to it breaking.

If this level breaks, $0.14879 might offer the next substantial support. This level supported the price during December 4’s crash and is approximately halfway between the 61.8% and 78.6% retracement levels of 2021’s bull run.

A more significant breakdown could reach between $0.11481 to $0.08465 – particularly near $0.09797 – and possibly mark a longer-term bottom. These levels are just below the 78.6% retracement level where the price accumulated for 2021’s bull run.

Just above the current price, the 18 EMA and an inefficiently traded area near $0.1970 may offer resistance. A break through this level could reach $0.2407, above the last significant swing high and the 2021 open. 

If market conditions turn much more bullish, higher timeframes suggest that bulls might take significant profits near $0.2910, which marks an old area of rejection.

3. Cudos (CUDOS)

CUDOS powers a decentralised computing network that will interoperate with multiple blockchain ecosystems to provide the following benefits: Trusted layer 1 validator network built on the Tendermint protocol – Wasm compatibility, for smart contracts to be deployed on CUDOS using next-generation languages so long as they compile to WebAssembly, ie, Golang, Rust, Java, etc; cross-chain or horizontal interoperability; the network’s Inter Blockchain Communication (IBC) integration, allowing Cudos Network smart contracts to interface with multiple networks; and 10x lower transaction and gas costs compared to those on PoW networks.

CUDOS Price Analysis

At the time of writing, CUDOS is ranked the 418th cryptocurrency globally and the current price is US$0.03007. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since May, CUDOS ranged between approximately $0.04444 and $0.02320, with a 158% surge from the range lows between mid-October and mid-November.

The price retraced the Q4 breakout into possible support just under the 78.6% retracement, near $0.02407. The higher-timeframe chart suggests that this area and down to $0.01815 could offer support again.

At the 78.6% retracement and just above the February monthly open, $0.02785 offers closer possible support.

Just above the current price, overlaps on multiple timeframes suggest that $0.03201 may create strong resistance. However, the price could move as high as $0.038220 if this closer resistance gives way.

The price is currently entering an area of congested historical price action between $0.03335 and $0.02829. This zone is between the 61.8% and 78.6% retracement levels, which often mark an accumulation area. These factors, and the confluence with the 9, 18 and 40 EMAs, support the idea that price may consolidate in this region.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.