Home Filecoin Bulls Target $100 Filecoin

Bulls Target $100 Filecoin

Filecoin has reached 70% of its all-time-high. However, derivatives data proves that trades are building leveraged positions consistently.

Bulls Target $100 Filecoin After Data Points to Improving Fundamentals iBase Trading.
iBase Trading Crypto News

Filecoin has reached 70% of its all-time-high. However, derivatives data proves that trades are building leveraged positions consistently.

Some traders said that the current price of Filecoin (FIL) at $64 is more than 70 times lower than its all-time high of $238, losing momentum.


On that note, the decentralized data exchange platform has been showing signs of increasing acceptance. This could prompt an acceleration in the current uptrend in FIL token prices.

People uses FIL tokens to purchase storage and retrieval space on the Filecoin network. At the same time, the company rewards the users for selling surplus storage using this open-source platform. To compete with traditional centralized cloud storage services, Filecoin has an economic incentive to keep files safe over time.

A reversion to the previous downtrend is possible over the past three weeks. This ascending channel supports at $90 until mid-November and resist at $107, up 55% from the current price.

Partnerships and Adoption Could Lead to $100

On September 14, Filecoin announces regarding its referral program, capturing the attention of its members who have a record of over 90 terabytes. Based on the website, almost 9,000,000 terabytes were reached by the network in August. In addition to that, almost 3,000 system and storage vendors were proven to serve more applications.

On October 13th, Filecoin announced its data storage cooperation with Flow Blockchain, provided by Dapper Labs. The service sets up a decentralized data warehouse for non-financial tokens (NFTs) and related media assets.

The Flow platform includes Eternal, Starly, Versus, and the upcoming Chainmonsters multiplayer online game.

More importantly, on October 15th, the daily Filecoin token release will drop by 23.8%. This means one year since the main network launches. This is especially true for the 7.5% share of the initial investor, which is equivalent to 150 million FIL tokens after a three-year implementation period.

Open interest on Filecoin futures has risen 45% since September 30, suggesting that investor interest is finally starting to rise. This metric represents the total number of contracts in a game. It is regardless of whether they were actually sold on a specific date.

There is Room for Litecoin Purchasers

If the buyer (long) asks for more leverage, the funding rate will be positive. So, they pay a fee to the seller (shorts).

To assess whether the market is bullish, we need to analyze the level of financing for perpetual contracts. The open interest of the buyer and seller is always the same, but the leverage can be different.

However, if a short position requires additional leverage, the opposite occurs, leading to a negative funding ratio.

A short period of excessively leveraged buyers (long positions) in early September when the funding rate reached 0.10%, or 2.1% per share. More recently, the FIL token fought against the $80 resistance on Oct. 8, but failed to break through, raising the filecoin’s funding rate to over 0.06% in just eight hours.

Derivatives performance now shows little sign that investors are dumping Filecoin, even though the price has fallen 70 degrees from its all-time high of $238. The recent partnership with Flow Blockchain, increased network utilization and bandwidth, and reduced token emissions indicate the continuation of the previous three-week upward trend. Nothing seems to be stopping the FIL from reaching the $90-$107 range in November.

“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”

Previous articleProton Coin— How does It Work?
Next articleBinance’s Burned Tokens
Tanya Smith is an editor at iBaseTrading. With M.A. in Journalism and Mass Communication, she is pursuing her dream of creating a positive difference in the media industry. She also enjoys Fashion and Travelling.