Why Filecoin’s (FIL) Performance Remains Uninspiring Despite These Updates
The Q3 2022 witnessed Filecoin making notable achievements. Messari’s recent report showed FIL’s network usage propelled in the third quarter, growing by more than 82%. Filecoin network stored about 211 PiBs via active deals at 22 Q3-end.
That meant lucrative news for the alternative token, considering more activity by network users. That reflected increased popularity. Besides this, multiple cryptocurrency analysts, such as Captain Faibik, boasted massive confidence in Filecoin as the analysis confirmed potential price upsurges in the upcoming days.
Incidentally, Filecoin’s decentralized finance (DeFi) sector saw some heat. DeFiLlama data showed Filecoin’s TVL recorded a notable upswing lately and increased by more than 3% over the previous day. While publishing this content, FIL traded near $6.12, and its market cap stood at $1,932,942,115.
That growth was visible as the alt’s price surged more than 7% within the past seven days. Surprisingly, multiple market indicators supported the chances of price surges.
Some Lucrative Updates
Evaluating Filecoin’s 24hr chart showed odds favoring FIL. For example, the EMA (Exponential Moving Average) ribbon showed the probability of a bullish cross. That heightened the chances of more price surges.
Furthermore, the MACD (Moving Average Convergence Divergence) confirmed similar outcomes, indicating buyers’ superiority within the marketplace. However, nothing remains a guarantee as the cryptocurrency market remains a volatile world.
Filecoin’s CMF (Chaikin Money Flow) dropped beneath the neutral level, confirming a bearish sign. Furthermore, the RSI (Relative Strength Index) followed similar trends, recording a dip. The slump in the RSI and CMF diminishes the possibility of further upsides in the upcoming days.
Negative News Continues
Though some market indicators favored Filecoin, on-chain indexes supported otherwise. FIL’s development activity recorded a colossal drop over the previous seven days. That printed a negative sign for the network, highlighting less developer effort regarding network improvement.
Besides, Filecoin’s popularity endured a blow, with its social dominance plunging. The asset’s weighted sentiment mimicked the social dominance index, recording a drop. That printed another red flag for the blockchain. Such tendencies saw Filecoin experiencing disinterest in the market.
What are your opinions about Filecoin’s current outlook? You can leave a comment in the section below.
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