Will Filecoin Price Hit Zero? FIL Drops 5% as New Bitcoin Mining Protocol Secures $5.5 Million Funding

Is Filecoin Price Going to Zero? FIL Sinks 5% as New Bitcoin Mining Protocol Gathers $5.5 Million in Funding – Next Big Thing?

Leading decentralized file storage token Filecoin (FIL) has experienced a 5% drop, causing concern among holders. However, this decline seems to be a localized retracement as the price tests support from the ascendant 20DMA.

Despite the drop, market sentiment remains bullish, with crypto traders predicting a breakout bounce for FIL. The current market price of Filecoin is $5.19, representing a 24-hour change of +1.66%.

The recent high of $6.175 reached by Filecoin price in April 2023 indicates strong support from the ascendant 20DMA at around $4.94. The 200DMA also suggests rock-bottom support at $4.

The RSI and MACD indicators show signs of potential upside movement in the near future. The upside target for Filecoin price is $6.5, while downside risk could see it fall to 20DMA support at $4.95.

While Filecoin price shows promise, another opportunity arises with the Bitcoin Minetrix presale, which has already raised over $5.5 million in funding. Bitcoin Minetrix offers a stake-to-mine system that allows users to buy and stake tokens with enticing rewards.

Bitcoin mining has seen significant growth and centralization, with Marathon Digital and Riot Platforms leading the way. However, this centralized approach has led to concerns about network decentralization.

To address this issue and provide retail investors with a chance to participate in profitable Bitcoin mining, Bitcoin Minetrix offers secure and transparent cloud mining rewards through its decentralized approach.