Filecoin has launched its Filecoin Virtual Machine. The FVM has led to more FIL trading in the past 24 hours.
To provide an execution environment for running Ethereum [ETH] Virtual Machine (EVM)-enabled smart contracts on its network, leading decentralized storage network Filecoin [FIL] finally launched his Filecoin virtual machine [FVM] on the mainnet on March 14.
Read Filecoins [FIL] Price Forecast 2023-24
The launch of the FVM was the final step The Filecoin Master Plan to bring large-scale computation and the ability to power web-scale apps to the decentralized storage network.
According to the press release, the Filecoin Virtual Machine will offer similar capabilities to Ethereum, enabling the development and deployment of decentralized applications and the ability to connect to other blockchains.
After the launch of the FVM, leading cryptocurrency exchange OKX announced the integration of his web3 wallet with the upgrade.
Day traders gather in the direction of FIL
In the last 24 hours, the price of FIL is up 7%. With an increase in FIL trading following the launch of the FVM, trading volume increased by 30% over the same period, according to data from CoinMarketCap. At the time of writing, the altcoin was trading hands at $6.81 per FIL token.
Taking advantage of the FVM launch, data obtained from Mint glass indicates that there has been an increase in the number of FIL trading positions opened in the past 24 hours. At $177.5 million at press time, FIL’s Open Interest is up 2%.
Source: Coinglass
A jump in an asset’s outstanding interest indicated that more traders were interested in taking positions in the asset. This often reflected growing bullish sentiment towards the price of that asset.
Moreso, there have been more short liquidations than long liquidations in the past 24 hours. As positive sentiment towards FIL continued to rise, data from Mint glass revealed.
Source: Coinglass
Further, on a 12-hour chart, FIL accumulation increased significantly. FIL’s Relative Strength Index (RSI) and Money Flow Index (MFI) were approaching overbought territory at the time of writing. The RSI was 60.99, while the MFI was 66.58. With weighted sentiment still in positive territory per data from Sanitation, this momentum of accumulation is expected to continue. Therefore, there should be more price growth ahead for FIL.
Realistic or not, here is the FIL market cap in terms of BTC
Also, FIL’s on-balance volume (OBV) maintained an upward trend at press time, indicating rally token accumulation. When an asset’s OBV is on an upward trend, it means that the trading volume is greater on the buy side, indicating that investors are more interested in buying the asset than selling it.
Source: FIL/USDT on TradingView
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