|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Challenges Emerge for Filecoin (FIL) as Most Valuable DePIN Project
Aug 19, 2024 at 08:13 pm
Despite notable price swings, with FIL reaching a yearly high of $11.46 in June, its value has since dropped by nearly fourfold.
Filecoin (CRYPTO: FIL), a decentralized physical infrastructure networks (DePIN) token, has faced challenges despite recent price movements.
What Happened: As Filecoin's price trades at $3.57, some may view the token as trading at a discount. However, based on the Sharpe ratio data from Messari, the token may not be worth investing in for the short term.
The Sharpe ratio is used to measure risk-adjusted returns for a cryptocurrency. In simpler terms, a positive ratio showcases a good chance for investors to get a higher return on the money they spend on an asset.
On the other hand, a negative ratio points to an extremely low risk-to-reward chance. At the time of writing, Filecoin's Sharpe ratio is -2.95, which may suggest that buying the cryptocurrency at the current price might not offer a good return on investment.
Despite the challenges, Filecoin remains the most valuable DePIN project by market capitalization. According to CoinGecko data, FIL has a market cap of $2.06 billion.
It's important to note that this value reflects a threefold drop from March. Market cap is calculated by multiplying circulating supply by price, so the decline in FIL's market cap directly correlates with the significant correction the token has experienced in recent months.
If this continues, Filecoin risks losing the top position to other DePIN projects like Render (CRYPTO: RNDR) and The Graph (CRYPTO: GRT).
Price Action: In the last 24 hours, Filecoin has seen trading volume decrease by 21.03% to $311,038,333. The token's price has dropped by 1.4% in the same period.
Over the last seven days, Filecoin has seen a 1.03% decrease in trading volume to $2.23 billion. The token's price has dropped by 5.6% in the last seven days.
Filecoin (FIL) Price Prediction: Falling Momentum Points to $3.25 Emerging Tech Stocks Powered by ChartIQ
According to the daily FIL/USD chart, the token has been trading within a descending channel since April, indicating a bearish trend.
In this pattern, two downward trendlines form during correction and consolidation phases, with the upper trendline acting as resistance and the lower one as support.
This aligns with the low risk-to-reward outlook for FIL, especially since it has yet to break above the channel.
Additionally, the RSI is below the neutral 50.00 line, suggesting that bearish momentum remains dominant, with bulls lacking control.
Based on the analysis above, FIL's price risks further decline below its current level. If momentum stays flat, the token could drop to support around $3.25.
However, if a surge in buying pressure emerges, FIL might rally toward resistance at $4.27.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Marsh rues Zampa absence as Brook ton downs Australia
- Sep 25, 2024 at 12:20 pm
- England, chasing a tough-looking total of 7-304 headlined by another brilliant knock of 77no from Alex Carey, still ended up easing towards their target on 4-254
-
- Robbins Geller Rudman & Dowd LLP Announces that Purchasers or Acquirers of Coinbase Global, Inc. (NASDAQ: COIN) Publicly Traded Securities between April 14, 2021 and July 25, 2024 Have Until November 12, 2024 to Seek Appointm
- Sep 25, 2024 at 12:15 pm
- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Coinbase Global, Inc. (NASDAQ: COIN) publicly traded securities between April 14, 2021 and July 25, 2024, both dates inclusive (the “Class Period”), have until November 12, 2024 to seek appointment as lead plaintiff of the Coinbase class action lawsuit. Captioned Castle v. Coinbase Global, Inc., No. 24-cv-04850 (E.D. Pa.), the Coinbase class action lawsuit charges Coinbase as well as certain of Coinbase’s top executives with violations of the Securities Exchange Act of 1934.
-
- Brett Favre diagnosed with Parkinson's disease, retired NFL quarterback tells Congress
- Sep 25, 2024 at 12:15 pm
- Brett Favre has been diagnosed with Parkinson's disease, the retired NFL quarterback himself said on Tuesday before a United States congressional committee
-
- AI Tokens Lead the Charge in the Crypto Week Ahead
- Sep 25, 2024 at 12:15 pm
- The crypto market experienced an uptrend in the past week, with Bitcoin's [BTC] price returning to the $60,000 level. This bullish momentum has led to significant surges in several altcoins, particularly in the artificial intelligence (AI) token sector.
-
- Shiba Inu (SHIB) May Be Gearing Up for a Significant Price Surge This October, With Historical Data Indicating a Potential 283% Increase
- Sep 25, 2024 at 12:15 pm
- Investors are watching closely as the meme-based cryptocurrency enters what could be another fruitful 'Uptober.'
-
- GoodEgg (GEGG) Presale: A Success Story in the Making
- Sep 25, 2024 at 12:05 pm
- GoodEgg (GEGG) has managed to capture investor interest with its promise of merging social interactions with blockchain technology.
-
- CET: The Native Token of the CoinEx Cryptocurrency Exchange
- Sep 25, 2024 at 10:30 am
- CET is the native token of one of the leading cryptocurrency exchanges, CoinEx. It is an ERC-20 token based on the Ethereum network that was launched in 2018.
-
- Dogecoin ($DOGE) Primed to Hit $1 By December This Year, Market Analyst Master Kenobi Predicts
- Sep 25, 2024 at 10:25 am
- The early aftermath of the current Federal Reserve (Fed) interest rate cuts has been constructive for the final crypto business as main property like Dogecoin have been displaying optimistic sentiment.
-
- IMX Token Price Prediction: Can It Break the $2 Resistance Level and Rally Higher?
- Sep 25, 2024 at 10:25 am
- Over the past 24 hours, IMX has jumped an impressive 12.14%, reaching a price of $1.81. This upswing has stirred speculation about whether the token can break through a key resistance level of $2.