Reasons FIL’s performance remains unimpressive despite these updates

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The third quar­ter of 2022 saw File­coin [FIL] mak­ing some remark­able achieve­ments. Accord­ing to Messari’s lat­est report, Filecoin’s net­work usage sky­rock­et­ed in in Q3 as it reg­is­tered over 82% growth. Near­ly 211 PiBs were stored on the File­coin net­work through active deals at the end of Q3 of 22. 

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Here’s AMBCrypto’s price pre­dic­tion for File­coin [FIL] for 2023–2024

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This was good news for FIL, as it indi­cat­ed more activ­i­ty from users on the net­work, thus, reflect­ing its increased pop­u­lar­i­ty. Not only this, but sev­er­al cryp­to ana­lysts, includ­ing Cap­tain Faibik, had high con­fi­dence in FIL as the study revealed the pos­si­bil­i­ty of a price surge in the com­ing days. 

Inci­den­tal­ly, FIL’s DeFi space also wit­nessed some heat. Accord­ing to DeFiLla­ma, FIL’s total val­ue locked (TVL) reg­is­tered a mas­sive uptick late­ly, as its val­ue increased by over 3% in the last day. 

At press time, FIL was trad­ing at $6.12 with a mar­ket cap­i­tal­iza­tion of $1,932,942,115. This growth was notable as FIL’s price increased by over 7% in the last week. Inter­est­ing­ly, sev­er­al mar­ket indi­ca­tors also sup­port­ed the same pos­si­bil­i­ty of a price surge. 

Source: Coin­Mar­ket­Cap

Some promising updates to abide by

Looking at FIL’s daily chart, it was quite evident that the odds were in FIL’s favor. For instance, the Exponential Moving Average (EMA) Ribbon revealed the possibility of a bullish crossover. This increased the chances of a further price hike.

Moreover, the Moving Average Convergence Divergence (MACD) also indicated the same outcome as it suggested buyers’ advantage in the market. Nevertheless, considering the volatile nature of the crypto market, nothing can be said with certainty. 

FIL’s Chaikin Mon­ey Flow (CMF) went down and stood below the neu­tral mark, a bear­ish sig­nal. More­over, the Rel­a­tive Strength Index (RSI) fol­lowed the same path and reg­is­tered a decline. The decline of the CMF and RSI low­er the chances of a fur­ther uptrend in the com­ing days. 

Source: Trad­ingView

The bad news continues 

Though a few mar­ket indi­ca­tors were in favor of FIL, on-chain met­rics were sup­port­ed the oppo­site notion. Filecoin’s devel­op­ment activ­i­ty reg­is­tered a mas­sive downtick dur­ing last week. This was a neg­a­tive sig­nal for the blockchain as it rep­re­sent­ed less effort from the devel­op­ers in improv­ing the network. 

Not only this, but FIL’s pop­u­lar­i­ty also took a hit as its social dom­i­nance went down. FIL’s weight­ed sen­ti­ment also fol­lowed the token’s social dom­i­nance and reg­is­tered a downtick, which was yet anoth­er red flag. 

Source: San­ti­ment



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