FIL Price Gained 19% in One Year; Will This Slow Trend Continue?

Source: FEVM Contracts By Filfox

Filecoin Virtual Machine (FVM) is a runtime environment for smart contracts called “Actors ” on the filecoin network. The FVM brings user programming integration to the network. The FVM unlocks a great possibility, including dataDAOs, perpetual storage, and financial services for storage providers.

It has over 6667 EVM address count with 63,456 Placeholder address count. The EVM address for the FVM is 8,588,525.21 FIL, while the placeholder address balance is at 7,981,988 FIL. The number of total deployments on the network has remained stagnant while the contract deployments have declined and reached 5 on a daily basis.

Source: Filfox.info

The filecoin ecosystem has been seeing a decline in the overall total value locked (TVL), which is currently near $247 million. The maximum locked TVL is currently with the GILF chain, holding 75% of the total locked value. Filecoin protocol also has a vibrant ecosystem for the NFT. The FNS and file bunnies are some of the most popular NFTs on the protocol.

Lets have a look at the constant stagnation of the Filecoin price over the past one year.

Are No Bulls and Bears Moving FIL Price？

Ritika_TCR on TradingView.com

Filecoin currently has a market cap of $2.956 billion despite having gained 19% in over a year. The FIL token has a supply of 1,960,498,576 FIL, and over 50% of it is circulating in the market. FIL price is currently trading near the value of $5.3, with a slight gain in the intraday session, while the overall volume surged by 2.6%.

When writing, the FIL token price has formed doji candles on the daily chart. It trades below the 50 and 200 EMA with an upcoming negative crossover. A solid upside trend can be seen if the price jumps over the EMA. The resistance for the FIL token price is near $6.5, while the support price can be observed near $5.

The RSI and MACD of the FIL token are currently in a neutral zone and are hinting towards a weak bearish momentum in price.

Conclusion

Filecoin is one of the most popular decentralized storage systems in the crypto ecosystem. The FVM of the protocol is also observing a strong rise in the active user count. FIL token price is currently in a weak consolidation but can see a new high in the future.