Filecoin Price Rallies More than 100% Within Hours of Mainnet Launch

Filecoin, built by Protocol labs is a decentralized storage network to store the user’s own important information. The project had earlier raised funds in an Initial Coin Offering(ICO) and had planned to launch the mainnet in the mid of 2019. 

However, the launch of mainnet after much delay due to various reasons was released on 15 October 2020 with initial blocks of 148,888 and maximum supply of 2 billion coins. 

Currently, Filecoin(FIL) price stands at $62.38 with a price gain of a massive 134.11 percent. The market capitalization rose from zero to over $900 million which secured its position in the top 25. 

FIL Future Plans

With the announcement of the KuCoin exchange listing the token, hours after the launch, the token rallied over 135 percent. Moreover, the exchange has also announced the launch of USDT margined FIL perpetual Futures supporting 1-50x leverage in the coming days.

The Filecoin network has said that currently, they have entered a post-launch monitoring phase. They would monitor the network performance closely so that the token goes to the moon in the coming week. 

FIL Coin Technical Analysis

In recent hours, FIL price broke the resistance levels formed at $65 and $70 to reach highs surrounding $75. However, the price experienced a breakdown below the support levels formed at $68.

With the current prices surrounding $64, the new resistance levels are formed at $67 on a 5-minute chart. The prime focus lies on the support levels which needs to be tested at $60.

If the token successfully breaks the $67 resistance levels, it could restart a rally which could touch the $75 mark where the intermediate resistance could be somewhere around $70.