Filecoin’s mainnet to launch before August 21, XFIL/USDT charts six straight bearish days

• Filecoin has recently announced that its mainnet will launch before August 21. 
• Major Chinese exchanges like OKEx and Huobi have started offering Filecoin Futures trading.
• Despite Filecoin being a US-based firm, the excitement around the project appears to be primarily driven by China.

After 36 months of dormancy, the team at Filecoin has recently announced that the mainnet will launch before August 21. After organizing an enormous ICO back in 2017, Filecoin had gone quiet on its plans. The project had raised more than $250 million, making Filecoin the sixth-largest ICO ever. The project is backed by venture funds such as Sequoia Capital and Andreessen Horowitz.

Despite Filecoin being a US-based firm, the recent excitement around the project appears to be primarily driven by China. The founder of Ethereum Classic Labs, James Wo, said: 

In China, Filecoin is so hot while DeFi is not. To make hotspot, you have to let people participate. Purchasing mining machines is much easier than purchasing tokens in China.

Investors are also betting big on Filecoin Futures, which are dependent on the upcoming mainnet launch. Major Chinese exchanges like OKEx and Huobi have also started offering Filecoin Futures trading. This has stoked greater speculation around the project’s launch. 

Retail participation is also driving excitement around the digital asset. Filecoin rewards miners for adding more storage space to the network. Even people who are not familiar with mining can easily contribute to Filecoin, making it accessible to many more people. Andy Tian, the co-founder of 1475, a Filecoin mining hardware manufacturer, said: 

Even though Filecoin’s mining process is much more complex technologically, the idea of mining with hard drives instead of specialized machines like a Bitcoin ASIC miner may actually be much easier for retail people to understand.

XFIL/USDT daily chart

XFIL/USDT has charted six straight bearish days and is trending in a downward channel formation. XFIL/USDT is priced at 17.56 right now. The RSI has been trending in the oversold zone, but the bulls haven’t been able to control the market.

XFIL/USD has strong resistance levels at 21.04 (SMA 20) and 24.92. On the downside, we have healthy support at 12.13.

 

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