Decentralized Storage Coins Breaks Out of Major Resistance Levels

The cryptocurrency market run to the north continues as both large-cap and small-cap coins are being bought aggressively. Typically, weekends have been special for cryptos, and it was no different in the recent one.

The big pushes from the buyers on the best crypto projects did give enough clues of the entire market preparing to rise as well, but the anticipation seems to be playing out much earlier. Coins have been taking turns with respect to breaking through their resistance levels and making a new set of higher high sequences. After the top performers in the current scenario, such as Solana, Cardano, and Ethereum, had their impulsive ride, other following digital assets also began to make a move.

Quick Crypto Price Update

Speaking of the two largest cryptocurrencies, Ethereum token led the market as the buyers gunned to break through the recent resistance at $3,300. But Bitcoin still failed to go in sync with ETH as the supply had greater ask orders to satisfy. However, today, Australia was preparing to open its financial markets; BTC blasted with momentum and beached above the $50,400 level, a hurdle that caused the buyers to get rejected several times.

On the altcoins front, the relatively low market cap cryptos are performing exceptionally well, whose percentage gains stood higher than their usual average. Based on the recent movement, the decentralized storage space has kicked off as the native tokens of related platforms have been surging in the last few days.

Blockchain and Data Storage Industry

The revolutionary blockchain technology is thriving not only in the financial space but in several others. One underrated space also includes the data storage market. Despite data storage being an everyday tool of application among the mainstream, decentralized data storage is yet to be accepted by the masses. However, on the revenue side of things, the decentralized data storage services are leading, even beating Ethereum.

Back in the day, data storage was taking place locally. But as the technology grew, cloud storage came into existence that allowed to rent storage from cloud service providers (centralized authority), which certainly helped user expand their data storage space significantly. Although this type of cloud storage was a success, it did not change the concern of data confidentiality because of its centralized nature of service.

To address the concerns in the data storage space, blockchain came up with a decentralized form to store data. With blockchain, the centralized nature of data provision is eradicated. The cloud data storage in the blockchain is distributed and decentralized, keeping users’ data much safer and confidential.

Since its inception during the 2017 bull season, the storage coin industry has grown tremendously. The idea for the storage currency as a commercial started as academics use blockchain technology to synchronize decentralized storage. Thus, as a consequence of an MIT HackMIT hackathon in 2013, Siacoin crypto went live as the first storage coin in 2015.

As the industry grew at a good pace, different types of storage protocols went established during the bull run in 2017. Most of them had their unique selling proposition that essentially tried to address the issues around the existing system. Another example that disrupted the data storage space was Filecoin (FIL), a project that focuses on neutral file storage.

Filecoin and Siacoin Joins the Bull Run

As Bitcoin (BTC) and Ethereum broke through their recent resistance to continue with their second push north, cloud data storage began to make their first move. Although they were laggards to the top cryptos, the percentage returns of the data storage coins outperformed many others.

Filecoin token, known to offer one of the best services in the decentralized file storage industry, is outperforming the rest in the same space. The FIL crypto market went into a consolidation since June, trading between $50 and $100. The sellers attempted twice to breach through the support levels but failed miserably as the long-term demand zone helped the price shoot back up.

Similarly, the resistance formed at $95 held quite firm too. Though the buyers came in strong o their move up, they got smacked down from the resistance. As a result, the consolidation lasted longer than anticipated.

However, as Bitcoin broke through the barriers that were also in consolidation in the last few weeks, FIL too followed the trend and breached its resistance at $95.

Siacoin crypto has been moving the same trajectory as Filecoin. The ranging market in Siacoin was between $0.015 and $0.02. The sellers in this crypto also tried to make new lows but were only partially successful. The longer timeframe demand at 1 cent brought the prices back into the support level, proving the existence of the buyers. Finally, as both BTC and FIL began to head north, the buyers in Siacoin too did not hold back. In the last seven days, Siacoin crypto has rallied over 45%, and analysts assert that this is just the beginning for this sector.

Now you can get Siacoin, Filecoin, and several others from our list of popular and reliable cryptocurrency exchanges.