Filecoin’s FIL saw a downtrend of 4.59% in the past 24 hours, along with the slump in the general crypto market. However, the crypto asset had been on a steady uptrend before the recent dip. While this happened in correlation with the broader crypto market slump of 1.67%, there is a high chance of the market rallying soon.
Filecoin is a decentralized storage network established on the Interplanetary File Storage (IPFS) technology to address the issue of ineffective file retrieval and storage. With Filecoin, the world’s underutilized storage will be converted into a productive storage market. This is to assist users in paying for inexpensive storage and ensure that file storage is permanently distributed over the web.
FIL, the platform’s native currency, is used to pay for transactions in the ecosystem as well as collateral for miners to ensure the quality of their work.
Buy the Dip and Invest for Profit
The broader crypto market has seen a downtrend of 1.67% in the last 24 hours. This also impacted some digital assets, such as FIL, which dropped by 4.59% in the same period. However, the crypto asset has done well in the last month, and investors can buy the dip before it rebounds.
At press time, FIL’s price is trading at $7.72 after experiencing a downtrend of 4.59% in the last 24 hours. The digital asset had a steady surge of 40.8% in the last seven days and a 53.9% increase in the last 30 days.
According to FIL’s technical analysis, the crypto asset is still currently bullish and is on a downtrend after meeting resistance at the 78.6% Fibonacci retracement of $8.51. The asset, however, may find support at the 61.8% retracement level of $7.06.
FIL trades above the 50-hour simple moving average (SMA) indicator in the short term at $5.23. However, the 200-day SMA for long-term prediction is $13.84, which is quite far from the current price.
A sustained market rally could cause the digital asset to recover and break through most of these indicators, so investors should watch out for FIL’s performance.
FIL’s moving average convergence and divergence (MACD) value shows a buy signal. The current Relative Strength Index (RSI) is 66.11, indicating the asset trades in the underbought region.
Filecoin (FIL) Announces Ethereum-Compatible FVM Mainnet Launch Date
In a recent tweet, Filecoin announced the launch of the Ethereum-compatible Filecoin Virtual Machine (FEVM) mainnet. The blog post stated that the Filecoin mainnet would introduce the Ethereum-compatible Filecoin Virtual Machine (FVM) on March 14.
Did you hear? The #Filecoin EVM (FEVM) launch is closer than you think 😉
After the completion of the calibrationnet upgrade earlier today, FEVM is on track to bring smart contracts & user programmability to Filecoin mainnet on March 14th, 2023! 📅
— Filecoin (@Filecoin) February 22, 2023
FVM and the Ethereum Virtual Machine (EVM) will be able to communicate with one another, allowing Filecoin to create cross-chain bridges that will enable cryptocurrency funds to flow between blockchain networks. It will assist in maximizing an open data economy’s huge potential.
Its connectivity with layer 2 blockchains and EVM will also result in lower user gas costs and faster transaction processing. Through FVM, Filecoin intends to increase the community’s decentralized finance (DeFi) adoption.
Filecoin Alternatives to Explore for Bigger Gains
The FIL’s technical and fundamental analysis outlined above demonstrates how valuable the coin is as an investment. However, investors should note that there are other value-driven altcoins that can provide profits. Becoming an early adopter is also an option since several of these coins are now in the presale stage.
One such profitable coin is CCHG, the crypto token for C+Charge – an eco-friendly crypto startup. The project uses blockchain technology to build a robust Peer-to-Peer (P2P) payment system for electric vehicle (EV) charging stations.
The EU set the target to achieve climate neutrality in 2050 by accelerating the sustainable mobility transformation to reduce vehicle exhaust emissions
— C+Charge (@C_Charge_Token) February 24, 2023
C+Charge aims to build a sustainable environment by creating a network that will reduce carbon emissions and their harmful environmental impacts.
The $CCHG token runs the project economy and is currently priced at $0.017. The digital asset’s presale has entered the fourth stage of its planned eight stages, with over $1.57 million raised.
FGHT is another profitable altcoin for investors to consider. The digital asset is the native token for Fight Out – a new move-to-earn (M2E) platform that allows users to learn from professional fighters/athletes. Users earn rewards and badges for completing fitness tasks and competing in the metaverse.
$4.6M RAISED! 🔥
Another milestone achieved ✅
Remember, the price of $FGHT will increase every 12 hours, so secure your spot NOW! 🚀
— Fight Out (@FightOut_) February 23, 2023
At the time of writing, FGHT had raised over $4.65 million in investment in its presale. The token price is currently at $0.02442, which will keep increasing every 12 hours until March 31st when it will be listed on exchanges for $0.0333.
Fight Out (FGHT) – Move to Earn in the Metaverse
- CertiK audited & CoinSniper KYC Verified
- Early Stage Presale Live Now
- Earn Free Crypto & Meet Fitness Goals
- LBank Labs Project
- Partnered with Transak, Block Media
- Staking Rewards & Bonuses