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Reasons FIL’s performance remains unimpressive despite these updates

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The third quarter of 2022 saw Filecoin [FIL] making some remarkable achievements. According to Messari’s latest report, Filecoin’s network usage skyrocketed in in Q3 as it registered over 82% growth. Nearly 211 PiBs were stored on the Filecoin network through active deals at the end of Q3 of 22. 

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Here’s AMBCrypto’s price prediction for Filecoin [FIL] for 2023-2024

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This was good news for FIL, as it indicated more activity from users on the network, thus, reflecting its increased popularity. Not only this, but several crypto analysts, including Captain Faibik, had high confidence in FIL as the study revealed the possibility of a price surge in the coming days.

Incidentally, FIL’s DeFi space also witnessed some heat. According to DeFiLlama, FIL’s total value locked (TVL) registered a massive uptick lately, as its value increased by over 3% in the last day. 

At press time, FIL was trading at $6.12 with a market capitalization of $1,932,942,115. This growth was notable as FIL’s price increased by over 7% in the last week. Interestingly, several market indicators also supported the same possibility of a price surge. 

Source: CoinMarketCap

Some promising updates to abide by

Looking at FIL’s daily chart, it was quite evident that the odds were in FIL’s favor. For instance, the Exponential Moving Average (EMA) Ribbon revealed the possibility of a bullish crossover. This increased the chances of a further price hike.

Moreover, the Moving Average Convergence Divergence (MACD) also indicated the same outcome as it suggested buyers’ advantage in the market. Nevertheless, considering the volatile nature of the crypto market, nothing can be said with certainty. 

FIL’s Chaikin Money Flow (CMF) went down and stood below the neutral mark, a bearish signal. Moreover, the Relative Strength Index (RSI) followed the same path and registered a decline. The decline of the CMF and RSI lower the chances of a further uptrend in the coming days. 

Source: TradingView

The bad news continues 

Though a few market indicators were in favor of FIL, on-chain metrics were supported the opposite notion. Filecoin’s development activity registered a massive downtick during last week. This was a negative signal for the blockchain as it represented less effort from the developers in improving the network.

Not only this, but FIL’s popularity also took a hit as its social dominance went down. FIL’s weighted sentiment also followed the token’s social dominance and registered a downtick, which was yet another red flag. 

Source: Santiment

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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