Filecoin price ready for new all-time highs before a decrease in the distribution of tokens


  • On April 15, the production of FIL will decrease almost by half.
  • The digital asset has also released a preview of a special developer integration with Metamask.
  • FIL faces weak resistance ahead of new all-time highs

Since the beginning of March, Filecoin (FIL) price has increased by 560% obtaining a market capitalization of $11.5 billion at the time of writing. The digital asset is ranked 14th and could see further upside action as the production rate is set to decrease.

There will be fewer Filecoins produced from April 15

The rate of production of FIL coins is 648,000 per day. However, after April 15, this number is set to decrease to 365,000, a 43.2% reduction that will cut some of the selling pressure. 

The maximum supply of FIL is set at 2 billion and there are only 65.33 million tokens currently in circulation. The massive decrease in production should lead to scarcity if demand remains the same.

Additionally, the team of Filecoin also released a preview of MetaMask and Filecoin Developer platform. This will be a special extension to allow developers to build Web3 sites that use Filecoin. 

Although the Filecoin Snap is pre-installed in this build, the final product will install the Snap plugin through the connect flow when a consumer connects to the site that depends on Filecoin. There may be breaking changes between now and the production release, and we’ll do our best to communicate these regularly.

Filecoin price must defend key support level

On the 4-hour chart, Filecoin price is trading at $173 at the time of writing, just above the 50 four-hour SMA support at $170, and the key 100 four-hour SMA at $164.7. This last moving average has served as a robust support level since the beginning of March. 

fil price

FIL/USD 4-hour chart

A breakdown below this level can quickly drive Filecoin price toward the last low of $146.45 established on April 7. The next support point is located at $120, a local bottom formed on March 27. 

fil price

FIL/USD 6-hour chart

On the 6-hour chart, Filecoin has formed a symmetrical triangle pattern that can be drawn by connecting the lower highs and higher lows with two trendlines that converge. A breakout above the resistance level of $180 will push Filecoin price to a high of $253 in the long term. There are two in-between price targets at $205 and $238. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ethereum primed to resume its uptrend

Ethereum Classic price consolidation period could be coming to an end. ETC seeks to break resistance at $90 and march toward $132. Investors must pay close attention to the $82 support level because dropping below may invalidate the bullish outlook. Ethereum Classic price reached an all-time high of $180 on May 6. Since then, ETC entered a stagnation phase that could result in a 55% upswing.

More Ethereum News

MATIC sets up new all-time high at $2.18

MATC price shows a bullish bias that has catapulted it to a record level. If the buyers continue to pile up the bid orders, Polygon could slice through the immediate barrier and reenter price discovery mode. However, failure to do so could result in a retracement to the weekly lows.

More MATIC News

Stellar eyes 26% bull rally

XLM price is currently indecisive as it bounces off a crucial support area. If the buyers pile up their bid orders, the chances of Stellar surging to new yearly highs are promising.

More Stellar News

Cardano finds stiff support above $2

Cardano price has encountered significant selling pressure after conquering an all-time high of $2.47. Despite the 12% nosedive seen recently, a crucial support level might keep falling prices at bay.

More Cardano news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP