Hi Guys,
It's #alert for $FIL Price Hold on $3 Support
Will Filecoin Price Hold $3 Support Ahead of the Waffle Upgrade?
Filecoin price witnessed demand pressure at $3 with NV23 Waffle upgrade on August 6 and oversold RSI, projecting a key support to counter the correction trend.
Filecoin price fell 7% to $3.2 on Monday amid the broader market correction. Over the past 24 hours, the cryptocurrency market has seen total liquidations of approximately $1.23 billion, according to coin glass data.
Although supply pressure slightly eased during U.S. market trading hours, the bearish sentiment persisted for most major coins.
Filecoin to Enhance Network Capabilities with NV23
Filecoin is on track to uplift network capabilities with network version 23, known as Waffle — scheduled to hit Mainnet on August 6, 2024.
This upgrade will introduce some key features to help improve performance and expand functionalities.
As per a blog post shared on Waffle upgrade, one of the major highlights of NV23 is the soft launch of Fast Finality under FIP-00086, which starts the passive testing of F3 on the mainnet, laying the groundwork for potential future updates like NV24
Furthermore, NV23 is going to add support for legacy Ethereum transactions—like Homestead and EIP-155—with FIP-0091.
The integration will make the network compatible with tools and wallets supporting Ethereum and enable easier onboarding for Ethereum users by bridging across the blockchain space.
Moreover, this Waffle upgrade will bring about a Non-Interactive Proof of Replication, as specified in FIP-0092.
On the contrary, Filecoin price has witnessed dynamic resistance from the 50-day Exponential Moving Average (EMA) slope, which could renew supply pressure.
A failed rebound could accelerate the market correction and breach $3 support. The post-breakdown fall may push FIL price 26% to test the December 2022 low at $2.4.
#BTCMarketPanic #RecessionOrDip? #MarketDownturn #BinanceTurns7