- Chainstack has partnered with Filecoin for the FVM Space Warp initiative.
- Market indicators were bullish, while the metrics supported the sellers.
filecoins [FIL] The performance over the past few days has been commendable in terms of pricing. CoinMarketCap’s data It revealed that FIL recorded gains of more than 13% in one day, which was higher than many other cryptocurrencies with a larger market cap.
Read filecoins [FIL] predict the price 2023-24
The price of Krypton is up more than 11% in the past seven days. At the time of writing, it is worth $4.96, with a market capitalization of over $1.8 billion.
The high FIL can be attributed to this
The main reason behind the current hype may be the partnerships Filecoin has formed over the past few weeks. Most recently with Chainstack to launch a new program.
Chainstack partnered with Filecoin on the FVM Space Warp initiative, a program that led to the launch of the Filecoin virtual machine on the mainnet in March 2023.
You can sign up here 👉 https://t.co/4AbmtFRNZo
– Chainstack 💙🛠️ (@ChainstackHQ) January 20, 2023
FIL’s daily chart also paints a strong picture for the token. The exponential moving average (EMA) band has shown a bullish cross. The MACD reading also complemented the EMA bar, which also indicated a bullish edge in the market.
fileUnbalanced Volume (OBV) remained relatively high, along with the Bollinger Bands data, increasing the chances of a continued price rally. However, the Relative Strength Index (RSI) was about to enter the overbought area, which could be annoying.
Is your wallet green? paying off Filecoin earnings calculator
The other side of the story
Although the market indicators were in favor of the buyers, things were not promising in terms of metrics. For example, fileDemand in the derivatives market has decreased, which was evident by looking at Binance and DyDx funding rates.
Network development activity has also declined in recent days, which was a negative sign for the blockchain. Although the metrics were bearish, positive sentiment around FIL increased, reflecting the crypto community’s confidence in the token.