How Partnerships are Likely to Power Filecoin

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File­coin price is up by over six per cent in today’s trad­ing ses­sion. How­ev­er, the cur­rent bull­ish push is like­ly a bear­ish flag since File­coin is still in a strong long-term bear­ish trend.

The long-term price drop of File­coin comes despite the plat­form part­ner­ing with oth­er plat­forms to decen­tral­ize file stor­age. This includes the lat­est part­ner­ship announce­ment between File­coin and Muck­rock. The part­ner­ship will see Muck­rock, a lead­ing non-prof­it news organ­i­sa­tion, host their ver­i­fied doc­u­ments on the File­coin plat­form. The part­ner­ship will also allow all Muck­rock users to pub­lish their ver­i­fied doc­u­ments on the File­coin platform. 

With this part­ner­ship, Muck­rock will be able to extend its reach beyond the tra­di­tion­al news­room. The part­ner­ship will also offer insight to oth­er investors into how impor­tant a plat­form like File­coin will be in the future. There is a high like­li­hood that such part­ner­ships will see a growth in the num­ber of users on the File­coin plat­form. The growth in user base will also like­ly con­tribute to File­coin com­ing out of the cur­rent bear­ish trend.

Filecoin Price Prediction

In today’s trad­ing ses­sion, File­coin has gained more than six per cent. This is despite being in a strong bear­ish move that has seen the cryp­tocur­ren­cy lose 10 per cent of its val­ue this week, 17 per cent this month, and over 50 per cent since April 1st 2021. 

The chart below also shows that the cryp­tocur­ren­cy has lost over 90 per cent of its val­ue since Sep­tem­ber. There­fore, the lat­est signs of a resur­gence are like­ly a bear­ish flag. Nev­er­the­less, the trend is still strong­ly bear­ish. In the month of May, File­coin was also able to break a long-term resis­tance lev­el of $17. Since then, the prices have con­tin­u­al­ly trad­ed below that lev­el, which has become a strong resis­tance. Today’s trad­ing ses­sion bull­ish move is also unlike­ly to break the $17 price level.

There­fore, my File­coin price pre­dic­tion expects the prices to con­tin­ue falling. As a result, there is a high like­li­hood that the prices will be trad­ing below the $14 price lev­el in the next few trad­ing sessions. 

Filecoin daily Chart



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