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 provide similar abilities to Ethereum, allowing for the development and deployment of decentralized applications and the ability to connect with other blockchains.the integration of its web3 wallet with the upgrade.In the last 24 hours, FIL’s price rallied by 7%.
indicates that there has been an increase in the number of FIL trading positions opened within the past 24 hours. At $177.5 million at press time, FIL’s Open Interest has climbed by 2%.A jump in an asset’s Open Interest indicated that more traders were interested in taking positions in the asset. This often reflected a growing bullish sentiment toward that asset’s price.
Moreso, there were a higher number of short liquidations than long liquidations in the last 24 hours. As the positive sentiment toward FIL continued to rise, data fromFurther, on a 12-hour chart, FIL accumulation rallied significantly. FIL’s Relative Strength Index and Money Flow Index approached the overbought region at press time. The RSI was 60.99, while the MFI was 66.58.
, this accumulation momentum is expected to be sustained. Therefore, more price growth should be on the horizon for FIL.Also, FIL’s On-balance volume maintained an uptrend at press time, suggesting rallying token accumulation. When an asset’s OBV is trending upwards, it means that the volume of trades is heavier on the buy side, indicating that investors are more interested in buying the asset than selling it.Subscribe to get it daily in your inbox.
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