Filecoin: FEVM deployment date announced, FIL responds by…

• Filecoin has announced 14 March as the launch date for its FEVM.
• FIL continued to increase in value as it remains in the overbought zone.

A significant announcement relating to Filecoin’s [FIL] network was recently made. Filecoin revealed the date for the launch of the Filecoin Ethereum Virtual Machine (FEVM) in a press release on 22 February. 

Read Filecoin’s [FIL] Price Prediction 2023-24

Moreover, the calibrationnet upgrade was complete, and the FEVM was ready for deployment. The FEVM will be introduced to the Filecoin mainnet on 14 March, enabling smart contracts and user programmability.

The Filecoin network’s ability to execute smart contracts may also have an effect on the value of the FIL token. Because the Filecoin network has gained more features, there will be additional opportunities for its token to be used. Using the FIL token is mandatory for any smart contracts or Dapps. This will increase the token’s practicality and could affect its value.

Dev activity normal, but volume spikes

Looking at the Santiment network’s development activities revealed that there were a respectable number of developers contributing to the network. As of this writing, the metric has a score of nearly 46, showing a consistent flow of developer commits to the network.

Source: Santiment

Also, a peek at the volume metric revealed that the network has been experiencing an uptick in activity. The volume measure revealed that there had been a steady increase in volume over the last few days.

In addition, the graphic revealed that although there had been less activity on the volume metric, it had increased since February. The volume was over one billion as of the time of writing, which is another record by the volume metric.

Source: Santiment

FIL goes parabolic

A daily timeframe analysis of Filecoin revealed that since its 40.55% increase in 17 February, it had only dropped by about 5.12%. It was trading at around $8.3 as of this writing and had increased in value by over 1%.

Realistic or not, here’s FIL market cap in BTC’s terms

The price surge also ensured it traded above the long and short Moving Averages (blue and yellow lines). Likewise, the placement of the blue and yellow lines suggested that a golden cross might occur soon.

Also, there was a convergence, as evidenced by a glance at the On Balance Volume (OBV) over the same time frame. The OBV’s movement followed the price movement in a predictable pattern, demonstrating genuine volume. Moreover, the Relative Strength Index revealed that Filecoin was overbought. Thus, a price correction could be on the horizon.