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- 1 Filecoin has been observing a spike in smart contracts since the launch of FEVM.
- 2 FIL price is currently displaying a recovery trend in the daily chart. It has seen a gain of 4% in the intraday session.
Filecoin is one of the biggest decentralized storage solutions and it aims to store humanity’s most important information. The protocol is secured through proof-of-replication and proof-of-spacetime mechanisms. The nodes in the Filecoin are called Retrieval miners which are then rewarded with FIL for their fees The cost of storing data on the FIL network is less compared to other centralized entities. Meanwhile, it also helps users to earn rewards based on their storage.
Filecoin smart contract activity has been seeing a surge since the launch of the Filecoin Ethereum Virtual Machine (FEVM). FEVM enables the execution of smart contracts on top of Filecoin.The total contract balance of the protocol has reached 2,068,139 and this number is rising steadily. Retrieval miners on the network have not seen any significant changes in the past few months. The protocol has seen a revenue of $3.32 million in the past 30 days.
Filecoin has a market cap of $2 billion and is ranked 31st in the CMC. The volume of FIL has seen a surge of 31% in the intraday session. The social dominance of the protocol has been seeing a decline as per LunarCrush. The V/M ratio of FIL hints at a weak recovery in price.
Is FIL Price Ready For A Bounceback?
Filecoin has been seeing a consolidation on the weekly technical chart. On the daily chart, FIL is trading near the value of $4 with a gain of 4% in the intraday session. The asset price is trading in an upward trend on the daily chart. This upward trend may see a halt near the value of $4.5. Meanwhile, the support level of the asset price can be observed near $3. FIL is trading above the 50 and 100 Daily Moving Average. If FIL trades above the 50 and 100 DMA then a new high can be seen in the future. As per the Fib retracement, FIL may see a new high in its price.
The moving average convergence/divergence of FIL is hinting towards a weak bullish trend. The bars and signal lines of the indicator are also hinting at an upward trend in price.
Summary
Filecoin is experiencing a surge in smart contracts since the launch of FEVM. FIL is currently seeing a weak upward trend and may see a new high in the future.
Technical Levels
Major Support:$3
Major Resistance:$5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
