Filecoin (FIL) Portfolios Stay Red With 18% Weekly Losses

Christian Encila

11 months ago

3 mins read

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Filecoin remains beaten up by the current market’s heavy volatility as it continues pointing downwards. According to the latest market data, FIL plummeted by 18% since last week, representing a significant slash in value.

Investors remain shaken by the current market losses of the token. However, several developments might repair the lost trust in the token, but it remains to be seen what impact they might have on the future performance of FIL.

A Series Of Wins For Filecoin

Despite having a bad start in August, the ecosystem still has aces up its sleeve that might turn the tide.

Yesterday, the X account Cricimiento announced that they are partnering with the Filecoin Foundation to “help advance Argentina’s crypto ecosystem” at Aleph, a crypto event in Argentina that aims to turn the country into the world’s crypto capital.

🏙️🇦🇷🌞 @FilFoundation is joining forces with Aleph!@Filecoin decentralized storage ensures secure and efficient data management using blockchain technology.

Catch the team this August to see how they are helping advance Argentina’s crypto ecosystem! 🌐 pic.twitter.com/vEAUATRPec

— Crecimiento 🔜 Aleph (@crecimientoar) August 2, 2024

The event will be held this month, with major crypto institutions supporting the event. This will give the Filecoin Foundation a chance to enhance the reach of the organization as the prime provider of decentralized storage within Web3.

Filecoin Station also presented another win for the platform. Back on August 2, Station announced that a whopping 16,911 participants had participated on the platform in July. This number only represents addresses that finished a job on the platform, but it remains significant as it shows active use of Filecoin’s network.

The Station Network reached a new record 16,911 participants* in the network in July 2024. Thanks so much to everyone who runs a Station as we work to let anyone join and contribute to Web3.

*(defined as unique FIL addresses completing jobs) pic.twitter.com/jSyri9dMZi

— Filecoin Station (@FilecoinStation) August 2, 2024

With a big emphasis on improving Filecoin’s ability to store data for Web 3, they also released a roadmap for Spark, a step-by-step network upgrade that will improve user and developer experience on the platform.

Features like better data quality, a public grant write-up system, new tools for the public, and incentives for investors will be rolled out within this mount.

FILUSD trading at $3.71 on the daily chart: TradingView

The Spark upgrades will cement Filecoin as a top provider of decentralized storage. Its entry into the world of AI last month will also help boost the token’s influence in the AI and data storage industry.

Slowing Bears Might Slow Weekly Losses

Filecoin bulls are still struggling with deflecting the current market downturn FIL is experiencing. But with the token’s current support at $3.570, we might see a resurgence within the medium to long-term.

The token’s current trajectory is still troubling. However, if the bulls can defend its current support level, the token has a chance to retake early July levels– around $4.394. Stabilizing the token’s price will be the bull’s consolation price as it gives them a strong support for any upwards movement.

Investors and traders, however, should remain cautious as the market conditions remain in favor of the strong downward pressure present within the market.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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