Filecoin: Review of recent activities and analysis of FIL
Listen to this article
Filecoin (FIL) ranked as one of the top altcoins in the market on October 23, according to an update by social intelligence platform Lunar Crush. According to a recent tweet from the platform, Filecoin ranks 16th out of over three thousand altcoins.
However, it appears that the altcoin has taken some of its earlier steps back at press time.
Reviewing LunarCrush shows that their social mentions and social interactions have decreased. According to data at the time of publication, social interaction has decreased by 13.67% in the last 24 hours. As for social mentions, they depreciate by 32.71%.
Simply put, crypto investors have narrowed down their search and discussion of the coin.
FILECOIN continue grow
Despite the diminishing social interest, it seems that investors globally have managed to double down on altcoin accumulation. According to Santiment, Filecoin volume has increased over the past 24 hours.
At press time, the volume of FIL is 103.83 million, up 66% from October 23. In terms of price, it rises to $5.13 on the charts. The implication of increased volume and rising prices could indicate an uptrend. However, if the FIL social networks do not follow suit, that is less likely to happen.
The development side of things also plays an important role here. This is because the value of the development activity has increased to 25.04. As a result, Filecoin may be working on updates to its chain.
Additionally, Santiment agrees with LunarCrush's data on reduced social interactions. This has been proven by on-chain social domain data. In fact, she revealed that crypto-asset discussions have dropped significantly with a value of 0.043%.
WHAT is next for FIL?
Thanks to recent developments, one can expect traders to take advantage. However, FIL traders seem to have limited their interest. According to Coinglass, Filecoin 's funding rate fluctuates between remaining neutral and turning negative. Similarly, it is not a good scenario as data from Coinglass reveals that open futures have dropped on most exchanges in the past 24 hours.
On the daily chart, FIL looks cautious. This is due to the momentum shown by the Relative Strength Index (RSI). At press time, the RSI is 40.09. As it is below the 50 moving average, it shows that there has been selling pressure after attempting to maintain some buying momentum on October 22.
However, with Chaikin Money Flow (CMF) rising to 0.08 and showing more money flowing into Filecoin, the FIL could leverage that to change the prevailing dynamics.
Oct 25, 2022