Filecoin [FIL] was ranked as one of the market’s best altcoins on 23 October, according to an update from social intelligence platform Lunar Crush. According to a recent tweet by the platform, Filecoin was ranked sixteenth out of over three thousand altcoins.
However, it would seem that the altcoin had retraced some of its previous steps at press time.
🪐Galaxy Score™ 64.5/100
📈Price $5.11 +3.758%
— LunarCrush (@LunarCrush) October 23, 2022
Here’s AMBCrypto’s Price Prediction for Filecoin for 2023-2024
A look at LunarCrush revealed that its social mentions and social engagements had decreased. Based on press time data, social engagements had fallen by 13.67% over the last 24 hours. As for the social mentions, they depreciated by 32.71%.
Simply put, crypto-investors have cut down their search for the coin and discussions around it.
Still on top nevertheless
Although social interests declined, it seemed that investors across the board stuck to doubling down on accumulating the altcoin. According to Santiment, Filecoin’s volume remained on an uptick over the last 24 hours.
At press time, FIL’s volume was 103.83 million— A 66% hike from 23 October. As for its price, it appreciated to hit $5.13 on the charts. The implication of rising volume and an increasing price could signal a bullish trend. However, with FIL socials not following, that may be less likely to happen.
The development side of things has played a crucial role here too. This, because the development activity value rose to 25.04. As a result, Filecoin might be working on upgrades on its chain.
In addition, Santiment seemed to agree with LunarCrush’s data on declining social engagement. This was evidenced by the on-chain social dominance data. In fact, it revealed that discussions around the crypto-asset had fallen significantly with the value at 0.043%.
What are traders doing?
Thanks to recent developments, one would have expected traders to take advantage. However, FIL traders seem to have restricted their interest. According to Coinglass, the funding rate of Filecoin was swinging between staying neutral and going negative. Similarly, it was not a good scenario as Coinglass data revealed that the Futures Open Interest had decreased across almost all exchanges in the last 24 hours.
On the daily chart, FIL seemed to be treading cautiously. This was due to the momentum flashed by the Relative Strength Index (RSI). At press time, the RSI was 40.09. Since it was below the 50 mid-point level, it indicated that there had been selling pressure after it attempted to maintain some buying momentum on 22 October.
However, with the Chaikin Money Flow (CMF) rising to 0.08 and indicating more money flowing into Filecoin, FIL could capitalize on that to turn the hands of the prevailing momentum.