- Filecoin price and volume have risen sharply in the past seven days.
- On-chain metrics were bullish, as were some market indicators.
file currency (FIL) It has caught the attention of many traders in the recent past due to the current price action.
In the last 24 hours, the token increased in price by more than 11% while its volume increased by more than 130%. According coin market capFIL posted a weekly gain of over 77% and was trading at $8.47 at the time of writing with a market capitalization of over $3.29 billion.
One possible reason behind this unprecedented rise can be attributed to the hype surrounding the launch of Filecoin’s FVM, which is expected to go live in March 2023.
Filecoin Virtual Machine (FVM) Filecoin is a runtime environment for smart contracts (also known as actors) on the network, which will bring user programmability to Filecoin, unlocking the great potential of an open data economy.
Following the launch, Filecoin plans the next major FVM update, which will also be released later this year.
interesting, phil it also recently completed its most successful hackathon to date. According to the official announcement, the hackathon was held from January 20 to February 10 and received great support from the developer community.
🚀The largest in the world #fvm hackathon🚀
In anticipation of the release of FVM, the Filecoin community has just completed its most successful hackathon ever for developers starting to build with FEVM! Project submissions include use cases like DataDAO, DeFi, and more!👇 pic.twitter.com/tuKnMa0utT
– Filecoin (@Filecoin) February 19, 2023
Reading Filecoin (FIL) Price Prediction 2023-24
Metrics supported the increase
Filecoin’s on-chain metrics showed that as its price increased, so did the demand for the token on the derivatives market.
According to the Sentiment chart, FIL’s Binance and DyDx funding rates reflect their demand. philDevelopment activities also picked up over the past week, but declined towards the end.
FIL’s market dominance increased to more than 62% last week as a result of rising prices.
realistic or not, here it is FIL Market Cap in BTC terms
Does the future look good?
Although the last week has been quite bullish, things may change in the short term. According crypto amountAt press time, Filecoin’s RSI was in an overbought position, signaling a massive bearish turn.
Let’s take a look at the FIL daily chart to better understand which direction phil was driven Like the RSI, FIL’s Money Flow Index (MFI) was also in the overbought zone.
On top of that, FIL’s Chaikin Money Flow (CMF) looked flat, increasing the chances of a trend reversal soon.
However, the exponential moving average (EMA) tape revealed that the bulls were still on the move as the 20 day EMA was above the 55 day EMA. FIL’s on-balance sheet (OVB) volume posted a rally, which also witnessed a rally.
Source: TradingView
