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FIL (Filecoin) Analysis 12/03/2021 for BINANCE:FILUSDT by BitonGroup

we had earlier analyzed this Coin and Capitalized on it so we are updating it with new TPs

Fundamentals:

Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” The project raised $205 million in an initial coin offering ( ICO ) in 2017, and initially planned a launch date for mid-2019. However, the launch date for the Filecoin mainnet was pushed back until block 148,888, which is expected in mid-October 2020.

The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

Filecoin aims to store data in a decentralized manner. Unlike cloud storage companies like Amazon Web Services or Cloudflare, which are prone to the problems of centralization, Filecoin leverages its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and hard to censor.

Decentralized storage systems like Filecoin allow people to be their own custodians of their data, as well as makes the web more accessible to people worldwide. Since participating in the Filecoin network by mining and storing is directly related to winning more block rewards, Filecoin incentives participants to act honestly and store as much data as possible

Filecoin was founded by Juan Benet, who also created the Interplanetary File System. Benet is an American computer scientist who studied at Stanford University. After founding Protocol Labs in May 2014, he attended Y Combinator in the summer of 2014 with the intention of supporting both IPFS and Filecoin, as well as other projects.

Technical Analysis:

as you have seen the coin had done its incubation process, followed by Accumulation Phase and now is on its UP Move.

there are total of 3 Targets defined by the Fibonacci Projection , where as we get our confirmation of the 3 TP, if 2 TP gets triggered by a strong impulsive wave followed by some retracement and price correction or distribution.

but ultimately all these targets are very much feasible

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