Filecoin Technical Analysis
10 May 2020
Filecoin Technical Analysis The technological revolution has taken the crypto market by storm. New cryptocurrencies are being released in the market daily; therefore, crypto trading requires extensive market research. However, Filecoin brings hope to many new investors. It is a decentralized or an independent storage system that converts the cloud storage to an automated trading platform. Using Filecoin gives the client an added advantage as opposed to other cryptocurrency tokens. Seamless or continuous storage guarantees reliable profits. The token can also be used to pay miners for the distribution, and storage of the coded data.Another fundamental aspect is how to secure the information stored. To allay fears, the platform uses watertight encryption to prevent miners or hackers from accessing the client’s information. The system detects, and repairs failures arising from replication. Anyone, Anywhere Can become a MinerIf you have flash disks, USBs, Memory cards, or any other data storage device, that has enough storage space, you can become a miner. Just join the Filecoin platform and your devices will start generating profits. You do not have to do anything special because their experts will handle everything.What is more?The use of locally available devices for storage makes their prices very competitive.It is readily accessible to everyone with enormous speed.Filecoin is compatible with several multiple cryptocurrency platforms.
The pair began the month with mixed fortunes. There was an uptrend projection between April 10-12, which stagnates for a while, then picks up again towards the ceiling line. It flattens at the USD 5.00 price on April 13. A short-lived downtrend is visible. A noticeable short-term uptrend passes the USD 7.00 mark, then a high low trend again. From April 15-19, the up-down trend continues. There is a short-term horizontal trend for 2 days, the trend continues for a couple of days where the projection remains at USD 5.5 price. A stretched uptrend goes on, up to May 4. There is a horizontal trend, with the price remaining at USD 5.00 price for quite a while.Another notable aspect is that from April 10 to 30, the Filecoin pairs strong against the USD. However, as we approach May, the trend changes. It becomes weaker save for May 10.We notice an uptrend that flattens before diving below the USD 5.00 price. It picks upward passing the USD 6.00 price. There is a short-lived horizontal trend followed by a downtrend past the USD 5.00 price. The trend keeps on shrugging with difficulties for a short period. As the month ends, there is a downtrend almost hitting the USD 4.00 price. Let us wait and see how the stocks will behave in the new month.
Written & Researched By Mike Lancaster & Fredrick Roberts, CNIR Staff