The launch of Filecoin Web Services (FWS) project signifies Filecoin’s intent to compete with Amazon Web Services (AWS) and Google Cloud Platform (GCP). Despite AWS’s significant market share in the cloud computing industry, Filecoin aims to develop an open-source alternative to AWS, GCP, and Azure. By introducing FWS, the project seeks to provide developers with a cloud-level experience, while also offering the transparency and open-source benefits of a decentralized network.
Additionally, Token Terminal reports a decline in core developers, as Filecoin expands its product offerings. Meanwhile, the FIL price has been following a descending resistance line since February 19 and is now trading above the 0.618 Fib retracement support level at $5.07. The resistance line and support area are on the verge of converging, indicating an imminent significant shift in price direction.
If the FIL price breaks out, it has the potential to surge to the next resistance level of $6.80. Conversely, if the price breaks down, it could result in a drop to $4.30. However, the Filecoin community appears to be dissatisfied with the current price action, with many expressing disappointment on social media platforms.
