Chainstack partnered with Filecoin for the FVM Space Warp Initiative.
Market indicators were upbeat while statistics supported sellers.

Filecoins [FIL] its performance over the past few days has been commendable on the price front. CoinMarketCaps data revealed that FIL posted more than 13% gains in a single day, which was higher than several other larger-cap cryptos.

Read Filecoins [FIL] Price prediction 2023-24

The price of the crypto is up more than 11% in the past seven days. At the time of writing, it was valued at $4.96, with a market cap of over $1.8 billion.

The rise in FIL can be attributed to this

A major reason behind the current bull rally could be the partnerships Filecoin has formed over the past few weeks. The last was with Chainstack to launch a new program.

Chainstack partnered with Filecoin on the FVM Space Warp Initiative, a program leading to the launch of the Filecoin virtual machine on the mainnet in March 2023.

FIL’s daily chart also painted a strong picture for the token. The exponential moving average (EMA) ribbon showed a bullish crossover. The value of the MACD also complemented that of the EMA ribbon as it, too, suggested a bullish upside in the market.

PHIL‘s On-Balance Volume (OBV) remained relatively high and, combined with the data from the Bollinger Band, further increased the chances of a sustained price pump. However, the Relative Strength Index (RSI) was about to enter the overbought zone, which could prove tricky.

Source: TradingView

Is your wallet green? look at the Filecoin profit calculator

The other side of the story

Despite the market indicators favoring the buyers, things didn’t look promising statistically. For instance, PHILdemand from the derivatives market was down, as evidenced by looking at Binance and DyDx funding rates.

The network’s development activity also decreased in recent days, sending a negative signal for a blockchain. While the stats were bearish, positive sentiment around FIL increased, reflecting the crypto community’s confidence in the token.

Source: Sentiment

This post Filecoin continued to favor investors with these updates: Will FIL Rally?

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