CRYPTO NEWS

Here’s Why Filecoin (FIL) Is Trending With Double-Digit Gains

Filecoin has been recording gains even amid the retracement that has been happening in the market. The token has not only been one of the few to be in the green over the past day, but it has also seen double-digit growth during this time. This raises the question of why a token that usually tends to fly under the radar has now made its way to the top spot of trending cryptocurrencies. As always, there is a big announcement behind the rally.

Filecoin Partners With Harvard

Harvard is arguably the leading university in the world which is coveted by students around the globe. It has produced some of the best and brightest minds across every single industry, and this time around, the institution of excellence has turned its attention to blockchain and cryptocurrency technology.

Related Reading | Bitcoin Miner Revenues See Double-Digits Increase As Price Recovers

Last week, the Filecoin Foundation announced a partnership with the Harvard University Library Innovation Lab (LIL). This partnership would see both institutions work together to find ways to preserve digital information using decentralized technologies. Obviously, this is in line with blockchain technology which is basically a distributed ledger that stores information publicly for all parties to access. This will just be another step in decentralizing knowledge.

FIL price recovers to $9 | Source: FILUSD on TradingView.com

“Democratizing Open Knowledge,” as the project is called, aims to make information that is usually locked accessible to all. This way, all knowledge can be spread evenly across the globe and “preserve humanity’s most important information.”

FIL Makes A Run For It

After the news broke last week, the popularity of Filecoin had taken an unexpected turn. Its price response had been a remarkable one, returning daily gains of double-digits. This has seen its value balloon more than 68% over the last week and over 11% in the last 24 hours alone.

Related Reading | 50% Rally Sees Ethereum Classic Becomes 19th Largest Cryptocurrency

This gain in its price has placed FIL at the top of the trending table on Coinmarketcap. Its price rose from around $5, where it was trending last week, to as high as $11 in the early hours of Monday before correcting back down to $9, where it is currently trading.

Filecoin made its mark in the crypto market back in 2017 when it set a new record for the highest amount raised during a cryptocurrency ICO. Filecoin had raised more than $200 million at the time, which set it on a path to becoming a top contender in the space.

The digital asset has now grown to become the third-largest cryptocurrency with a market cap of approximately $2.2 billion. There are currently 247.5 million FIL tokens in circulation.

Featured image from Crypto iTunes, chart from TradingView.com

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Ethereum Name Service Price Prediction: ENS Trends Through Barriers

Ethereum Name Service (ENS) Price Prediction – August 5The ENS market trends through barriers, pairing with the valuation of the US fiat currency a couple of times. Just the last nine months ago, the crypto’s all-time high reached $85.69, and its all-time low value in the two months stands at $7.40. Currently, the price is::Listen

Ethereum Name Service (ENS) Price Prediction – August 5
The ENS market trends through barriers, pairing with the valuation of the US fiat currency a couple of times. Just the last nine months ago, the crypto’s all-time high reached $85.69, and its all-time low value in the two months stands at $7.40. Currently, the price is trading around $16.86 at an average percentage of 6.08 positives.

Ethereum Name Service (ENS) Price Statistics:
ENS price now – $16.86
ENS market cap -$341.4 million
ENS circulating supply – 20.2 million
ENS total supply – 100 million
Coinmarketcap ranking – #107

ENS/USD Market
Key Levels:
Resistance levels: $18, $22, $26
Support levels: $14, $12, $10
ENS/USD – Daily Chart
The daily chart reveals the Ethereum Name Service market operation trends through some barriers over the trend buying signal sides of the SMAs. The 14-day SMA indicator is at $13.21, having been able to have briefly intercepted the 50-day SMA indicator to the upside, leaving the bigger SMA tool placed at around $12.81. The bullish trend line drew to mark the path to the mooning direction. The Stochastic Oscillators initially moved southbound to the range of 40. But, they have crossed northbound from the range spot to indicate the base crypto is still in control of moves against its counter-trading crypto.

Will the ENS/USD market trend higher through overhead resistances?

As it established that the ENS/USD market trends through barriers, the crypto economy may still enjoy some advantages more, pushing through overhead resistances in the subsequent sessions. That said, at this point, it would require a long position that takes a lot of effort to observe decent entry to avoid late execution of an order if there’ll still be further smooth runs to the upside. It is dicey at the moment to see that assumption playing out without hiccups at the current trading capacity.

On the downside of the technical, the ENS/USD market bears needed to stay alert, looking out for a firm rejection of price action around the $18 resistance level before considering a selling order guided by a high degree of the principle of conservative. A convergence of price motions around the resistance value line will portend a stronger intent of getting a safer resumption of a downward-trending movement afterward.

ENS/BTC Price Analysis

Ethereum Name Service is pushing stronger against the trending catalyst of Bitcoin. In other words, the cryptocurrency pair price trends through barriers over the trend lines of the SMAs. The 14-day SMA indicator is over the 50-day SMA indicator. And they are pointing toward the north side. The Stochastic Oscillators have crossed northbound from around the range of 40. At this moment, the base crypto appears, struggling to hold its position firmly against the counter crypto. If today’s trading candlestick finishes as a bearish type, ENS may run into corrections in the subsequent sessions, pairing with BTC.

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Here’s Why Filecoin (FIL) Is Trending With Double-Digit Gains

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