Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Filecoin [FIL] has lost nearly 10% of its value within the last seven days, similar to the fate of other cryptocurrencies.

Bitcoin [BTC], Ethereum [ETH], and a few other top coins definitely cast a huge shadow on other cryptocurrencies and their blockchains. FIL is among the blockchain projects overshadowed by its bigger brothers. However, that has not taken away from its potential.

Is your portfolio green? Check out the Filecoin Profit Calculator

We decided to go through the AI route in our pursuit of wanting to find out what the future has in store for Filecoin. ChatGPT can be quite useful at times but it is not the most accurate either. So, our Filecoin-ChatGPT adventure had to have the right questions.

What are the special use cases of Filecoin?

This Filecoin ChatGPT query yielded multiple answers that elaborated upon the scope of its operations. Decentralized storage was the first and weightiest era, because it underscores the network’s main solution – a system that can offer a decentralized and immutable data storage solution. Here’s a look at other use cases.

Source: ChatGPT

In addition, Filecoin offers an ideal solution for content delivery networks, as well as file redundancy and backup. In short, the answers that we got from Filecoin’s ChatGPT enquiry were reasonable and legitimate.

After establishing that ChatGPT handled the question properly, we embarked on the next step – finding out what it could predict about Filecoin’s future. Previous experiences with the AI platform and future predictions have often been unsuccessful. But what if we could use a different angle?

In what scenario will Filecoin be successful in the future?

The answer we got to the above question was quite sensible. ChatGPT commenced by stating that the network is poised to achieve success under the right conditions. This is especially important, considering the promising nature of the decentralized storage segment.

Source: ChatGPT

Filecoin is still in the early stages of adoption, just as is the case with most other top blockchain networks. This means mass adoption and critical mass have yet to be achieved. However, the network has achieved significant progress so far.

Source: ChatGPT

The AI bot expects FIL to hit $150-180 by the end of the year — a ridiculously high figure by all accounts.

Filcoin’s market cap at press time indicated an underperformance, despite its impressive growth. It had a market cap of $1.4 billion, a fraction of its $3.58 billion market cap peak earlier in 2023.

A coin’s market cap is heavily influenced by the overall crypto market conditions and sentiment. But what about its price action?

What does ChatGPT say about FIL?

ChatGPT’s Filecoin price prediction inquiry did not yield a clear-cut answer, largely because it did not have access to real-time pricing data. However, it noted that there are multiple factors that affect prices.

The good news is that the network is one of the few that operate within its decentralized storage niche market. This is promising for the future of FIL.

As far as prices are concerned, FIL traded at $3.24 at press time. Both its Relative Strength Index (RSI) and Money Flow Index (MFI) rested above the neutral 50-level. But its On Balance Volume (OBV) showed a downtick.

Source: FIL/USD, TradingView

Read Filecoin’s [FIL] Price Prediction 2023-24

The on-chart metrics are rather ambiguous in their prediction of Filecoin’s price.

Though ChatGPT is too enthusiastic about the performance of Filecoin in the future, its on-chain metrics are rather modest.

The post I questioned ChatGPT about Filecoin’s 2023 performance, here’s what it said appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ August 27, 2023 2:58 pm