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In his fresh attack on the newly launched Filecoin platform, TRON’s Justin Sun has accused the Filecoin team of pulling an exit scam. In his latest tweet, Justin Sun notes that the Filecoin team sold 1.5 million native FIL tokens at a high price of USD 200. Besides, he also goes to mention that Filecoin sold this huge number of FIL without any consent from the community.

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In his tweet, Justin Sun also goes to provide the proof with one of the Filecoin founder’s accounts. The screenshot attached shows that the founder received 1.5 million FIL on October 15, the same date when Filecoin mainnet went live. However, the screenshot states that founder immediately transferred 800,000 FIL tokens to the Huobi exchange. As per Sun, this was the major reason behind FIL’s price drop.

Since the launch, FIL has already corrected more than 50% from its high of $116. Moreover, the cryptocurrency that created massive buzz looks under selling pressure at present. At press time, FIL is trading at $54.7 with a market cap of $827 million.

The controversial TRON CEO has now asked investors to knock at the door of the SEC and hold the Filecoin founder responsible for the mess. Although Sun has attached a few screenshots claiming as the proof of selling, we are not sure as to how he came at the $200 price.

The crypto community at present remains divided on Sun’s comments. However, we are waiting for any official update from Filecoin on this matter on what it has to say.

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Filecoin (FIL) Makes A Pretty Solid Start

On Thursday, October 15, Filecoin announced its mainnet launch with its native FIL cryptocurrency available for trading. The listing price was straight above $100 making FIL the fastest cryptocurrency to hit a $1 billion market cap.

Filecoin is a decentralized file storage and sharing platform. It allows users to buy and sell unused storage space using its native crypto FIL. But unlike cloud platforms that have a dedicated data center, Filecoin encrypts and hosts tiny pieces of files across its global network.

Filecoin has gained a lot of attention in the cryptosphere with the unique value-proposition of decentralized file sharing. It garnered much excitement in the crypto community even after launching three years after its ICO. May be, Justin Sun sees it as a direct competition to BitTorrent.

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Bhushan Akolkar , 2020-10-16 15:41:28 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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