Leading decentralized file storage token Filecoin (FIL) has sunk -5%, leaving some panicked holders asking ‘is Filecoin price going to zero?’.
The -5% drop appears to have been triggered by localized retracement moves, as Filecoin price shifts down to test supportive footing from the ascendant 20DMA.
$Fil
On Verge Of Massive Breakout Formed Text Book Symmetrical Triangle & Testing It In case Of Successful Breakout Expecting Move Towards 20-25$ #Crypto #Fil #Filusdt pic.twitter.com/sRaceXFp25
— World Of Charts (@WorldOfCharts1) December 20, 2023
Market sentiment remains astutely bullish despite the downtick, with prominent crypto traders identifying that FIL is likely to undertake a breakout bounce from here.
Filecoin Price Analysis: As FIL Retraces -5% Is Filecoin Price Due For Dramatic Breakout Bounce?
As FIL fights to hold ground amid the retracement moves, Filecoin is currently trading at a market price of $5.19 (representing a 24-hour change of +1.66%).
The downtick comes after Filecoin price rallied to touch a new localized high at $6.175, a level untouched since April 2023.
This comes amid impressive supportive structure from the ascendant 20DMA (which is currently sat at around $4.94).
Meanwhile, the 200DMA reveals a potential area of rock-bottom support around $4.
In a bullish sign, the retracement down to 20DMA support has created opportunity on the RSI, which has cooled down sufficiently to a more acceptable 56 – suggesting upside could resume soon.
This sentiment is backed by the MACD, which is displaying continued minor bullish divergence at 0.019.
Overall, FIL price is currently looking strong, benefiting from the downtick to solidify support and create opportunity for the next bounce.
This leaves Filecoin price with an upside target at $6.5 (a potential +25%).
While downside risk could see Filecoin price tumble down to 20DMA support at $4.95 (a possible -4.73%).
Filecoin price therefore carries a current risk: reward proposition of 5.3 – a brilliant entry characterized by substantial upside potential and certainly not going to zero anytime soon.
But while Filecoin price teases a big bounce, more certainty emerges from the Bitcoin Minetrix presale – which is drawing investors in ahead of the Bitcoin ETF decision and 2024 halving event.
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With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$5.6M In The Crosshairs: Bitcoin Minetrix Surges Past $5.59M As Markets Rush To Bitcoin Cloud Mining
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over Filecoin Price Retracement:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $5.59m raised towards its $6M goal. At a competitive price of just $0.0123 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is Filecoin Price Going to Zero? FIL Sinks 5% as New Bitcoin Mining Protocol Gathers $5.5 Million in Funding – Next Big Thing? appeared first on Cryptonews.
