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Filecoin (FIL), the decentralized cloud storage marketplace and protocol, is looking to catalyze further growth with the unveiling of a new public goods developer team.
Filecoin’s latest announcement?
On August 22, 2024, the top project in the decentralized physical infrastructure network (DePIN) ecosystem by market cap, announced the launch of FIL-Builders, or FIL-B.
According to the Filecoin team, FIL Builders brings together “an independent public goods developer experience (DX) team” dedicated to pushing boundaries for the Filecoin ecosystem.
What benefits does FIL-B bring to Filecoin?
The initiative aims at helping businesses bring on-chain solutions to Filecoin’s blockchain network.
New Filecoin-based projects could extend Filecoin’s dominance in the space, broadening its footprint within the decentralized finance and distributed compute marketplace.
FIL-B will help projects via providing access to resources. Notably, this will include Filecoin’s tech stack, technical workshops and guidance.
The DX team will also collaborate with FilOz, FilPonto and other developer teams.
Another goal will be to drive adoption by helping projects integrate and benefit from interoperability with the Filecoin Ethereum Virtual Machine (FEVM) and the Filecoin Virtual Machine.
Filecoin has the potential to transform the cloud storage market, offering a solution that can redefine and challenge traditional providers.
Filecoin price surges 4%
The FIL price has surged amid this new development, with buyers pushing FIL/USD from lows of $3.87 to above $4.05.
According to data from CoinGecko, Filecoin has a market cap of $2.3 billion.
This puts it ahead of Render (RNDR), Arweave (AR), The Graph (GRT) and Theta Network (THETA) in the top five DePIN networks by market cap.
All five projects have registered double-digit gains in the past week, buoyed by several developments in the sector and the positive sentiment that has pushed Bitcoin above $61k.
Filecoin price chart. Source: CoinMarketCapFIL price prediction
Looking at the daily chart for FIL/USD, the technical picture suggests bears are largely still in action.
The FIL/USD pair continues to struggle within a descending channel, with the main resistance area at the upper trendline. Currently, that’s around $4.80.
However, Filecoin price has broken above the middle line and the 50-day simple moving average (SMA).
The Relative Strength Index (RSI) on the daily chart is also pointing to a possible upward continuation after the consolidation that had FIL constrained below $3.80.
FIL/USD on the daily chart. Source: TradingViewBuyers are also likely to strengthen their resolve given the Moving Average Convergence Divergence (MACD) indicator has signaled a bullish crossover.
Primary support may be around $3.20 if bears reassert their dominance.
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