Messari said on January 17 that Filecoin [FIL] had become the cheapest decentralised storage network. At the time of publication, it was 99% less expensive than Amazon. Furthermore, Filecoin’s weekly chart was bullish, with large gains.
According to CoinMarketCap, the price of FIL has climbed by 26% in the last seven days and was priced at $4.72 with a market capitalization of more than $1.69 billion at the time of publication. However, things could change quickly because CryptoQuant’s analysis indicated a big bearish signal that had the ability to end FIL’s bull run.
Filecoin’s market indicators offered an ambiguous story, with some indicating a bearish trend while others indicating a possible continuation of the rally in the next days. The Exponential Moving Average (EMA) Ribbon, for example, showed a bullish crossover as the 20-day EMA flipped the 55-day EMA.
The MACD reading matched the EMA Ribbon reading, indicating a bullish advantage in the market. Another encouraging sign was an increase in FIL’s Chaikin Money Flow. However, the Money Flow Index (MFI) was overbought, which might be problematic.
On-chain measurements, such market indications, suggested that FIL’s price could move in any direction in the next days. Positive feeling toward FIL has dipped slightly in the recent week, which is not a good omen. FIL’s volume has also decreased in recent days, which is another warning sign.
The good news was that FIL’s development activity grew. Furthermore, FIL’s Binance Funding Rate has recently increased, reflecting its demand in the futures market. FIL’s social volume remained stable at the time of publication, indicating that the cryptocurrency remained a topic of debate among the crypto community.