- FVM will bring smart contracts and user programmability to the Filecoin blockchain making it a fully fledged L1
- FIL crypto price shot up 72% on weekly basis and formed a bullish reversal pattern
- Filecoin witness massive surge in trading volume and last 24 hours volume up by 115%
Filecoin(FIL) prices are trading bullish and bulls are trying to hold the prices above the $8.000 level to prove its dominance on the higher levels. Recently, FIL announced the launch of Filecoin Virtual Machine(FVM) in March 2023 that will bring smart contracts and user programmability to the Filecoin blockchain and make it a fully-fledged L1. FVM will also enable several use cases such as perpetual storage, Defi, DataDAO etc.
FVM brings revolution in FIL prices?
Filecoin(FIL) prices had shown a surprising up move of 72% and continued the upward movement by forming fresh higher high candles due to some massive developments scheduled in the company in march 2023.
In the mid of January, FIL prices managed to sustain above the 50 day EMA which has created a positive hope for its long term investors but unfortunately prices didn’t give the follow up movement and got stuck into the narrow range consolidation between $4.609 to $6.000 level. Recently, Filecoin announced that they will launch their Filecoin Virtual machine on March 1,2023 which has triggered the rally and bulls succeeded to push the prices above the higher range of consolidation.
Între timp, Filecoin has also breakout of the 200 day EMA with a giant bullish candle which shows that positional trend has reversed in the favor of bulls and golden EMA crossover is also possible in the coming months. However, the prices are racing towards the supply zone and might take a halt at $10.00 which will act as immediate resistance for the bulls followed by next resistance at $11.409 level. On the lower side, FIL prices seems to be formed a strong base at $4.600 to $6.000 which will be act as demand zone if any minor correction triggers from the higher levels.
FIL has witnessed a huge volume spike and prices have also followed the same direction which confirms that some genuine buyers have taken long positions and turned bullish for the future outlook of the coin. In addition to that, the technical indicators of FIL like MACD had generated a positive crossover indicating bullishness whereas the RSI at 78 near to the overbought zone which might cause short term trouble for the bullish traders.
Rezumat
Filecoin (FIL) prices had rewarded its long term investors with the massive gains of 72% in the short period of time and in addition to that FIL team is actively working to improve its blockchain which has grabbed the attention of genuine investors. The technical analysis suggests that the FIL prices are in the initial phase of rally and more upside is possible after some sort of consolidation above the moving averages.
Niveluri tehnice
Niveluri de rezistență: 10.005 USD și 11.409 USD
Niveluri de suport: 6.106 USD și 4.609 USD
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Părerile și opiniile exprimate de autor sau de orice persoană numită în acest articol au doar scop informativ și nu stabilesc sfaturi financiare, de investiții sau de altă natură. Investiția în sau tranzacționarea activelor cripto implică un risc de pierdere financiară.
Source: https://www.thecoinrepublic.com/2023/02/20/fil-price-surged-72filecoin-virtual-machine-launch-in-march-2023/