- Filecoin launches smart contracts and programmability on its protocol.
- Prices are in a correctional phase which is expected to end soon.
- Prices fell by almost 29% in the past week.
FIL price fell to $3, with its market cap amounting to around $1 billion. In the last 24 hours, its trading volume plunged by nearly 34% to $89.20 million. The Filecoin ecosystem is ready to climb from this spot as it has already touched the bottom, pertaining to the catastrophe suffered by the whole crypto market. This push on the price was further intensified with FLSK going on various pre-sale phases. Now is the time to breach the pattern and instigate a new one. To support FIL price, it has enabled a new feature of smart contracts or programmability on the Filecoin protocol.
FVM enables smart contracts or programmability on the Filecoin protocol.
A great sample use case of what #FVM can do is a
perpetual storage protocol using a combination of Web3 DeFi primitives and Filecoin’s storage services.
Read morehttps://t.co/Oq4PCkulMO
— Filecoin (@Filecoin) December 18, 2022
Here’s what the charts reveal
The price of FIL moves in a falling wedge pattern, with the price aiming to rally to $11. The volume was suppressed for a long time and witnessed a sudden spike as the prices fell, but it is now under control. All crucial EMAs float above the current price action, which is aimed to be penetrated with the price rally.
The price is consolidating unceasingly, with the CMF indicator floating close to the baseline and reflecting chances to cross the line soon. The MACD indicator diverged sharply with the sudden fall but may soon converge with descending seller histograms. The RSI had slipped to the oversold zone and retraced but could not return to the neutral ranges.
The 4 hour POV
The closer time frame shows the CMF indicator approaching the zero mark with the hope of reaching the zone above. The MACD diverges for the buyers, and the lines slope up, reflecting a chance of sellers being more active. The RSI also moves close to the 30-range and may soon transition from seller-dominant to buyer-dominant.
Conclusion
The FIL aims to undergo metamorphism and change the trend by planning to surge and reach higher price levels. The future looks bright, the project update looks good, and all things favor the price rally. Now what’s left is to wait for what’s about to come.
Technical levels
Support levels: $2.40 and $0.25
Resistance levels: $9.00 and $11.05
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/19/the-market-for-data-filecoin-to-end-corrective-phase-and-rally-fil-prices-to-turn-positive/