Filecoin’s [FIL] Price Soars After Launch of Virtual Machine

• Filecoin has launched its new Filecoin Virtual Machine (FVM) on the mainnet.
• Following the launch, there was an increase in FIL trading and volume.
• There has been a rise in FIL accumulation, with indicators such as RSI and MFI approaching the overbought region.

Launch of Filecoin Virtual Machine (FVM)

Leading decentralized storage network Filecoin [FIL] finally launched its Filecoin Virtual Machine [FVM] on the mainnet on 14 March. To provide an execution environment for running the Ethereum [ETH] Virtual Machine (EVM)-compatible smart contracts on its network, this formed the final step of Filecoin’s Masterplan to bring large-scale computation and the ability to power web-scale apps to the decentralized storage network.

Increased Trading Activity

Following the launch of FVM, leading cryptocurrency exchange OKX announced the integration of its web3 wallet with the upgrade. In addition, FIL’s price rallied by 7% in last 24 hours and trading volume increased by 30%. Data from Coinglass also revealed that Open Interest has climbed by 2%, indicating more traders are taking positions in FIL token. Furthermore, there were a higher number of short liquidations than long liquidations during this period.

Accumulation Momentum Sustained

Data from Santiment indicated that positive sentiment toward FIL continued to rise following FVM launch, while weighted sentiment remained in positive territory. This accumulation momentum is expected to be sustained with Relative Strength Index (RSI) and Money Flow Index (MFI) approaching overbought region at press time. On-balance Volume (OBV) also maintained an uptrend at press time, suggesting rally will continue further.

Price Prediction 2023-24

With increased trading activity following FVM launch, investors are optimistic about future potential gains for FILECOIN and have started speculating about possible prices for 2023-24 timeframe based on current market trends and performance of other cryptocurrencies in market cap rankings like Bitcoin[BTC], Ethereum[ETH], etc .

Conclusion

The launch of FVM has led to increased optimism among investors towards FIL token since it allows developers to create dApps which can interact with other blockchains as well as provides opportunities for large scale computation capabilities on decentralized storage networks . With increasing liquidity flow into FILECOIN due to recent developments , traders can expect further growth in prices as we move forward into 2021

Kommentare sind geschlossen.