Filecoin price is trying to hold above the $5.932 support level.

FIL could break above the immediate resistance level at $6.168 and confront the 100-day EMA at $6.550 before heading further north.

A daily candlestick close below the immediate support level at $5.932 would invalidate the bullish outlook.

Filecoin (FIL) price is trading with a bullish bias as it fights to hold above a key support level. The excitement comes as the countdown to the network’s EVM (FEVM) continues, which will bring smart contracts and user programmability to the Filecoin mainnet on Marche 14. 

Filecoin price ponders on its next move

Filecoin price has shed 14% in the last five days after slipping below the 200-day Exponential Moving Average (EMA). Currently, FIL consolidates at $5.932, which is a support confluence made up of a horizontal level and the 50-day EMA, with the 200-day EMA acting as an immediate resistance level at $5.932.

An increase in buying pressure past this level will open the path for investors to recoup some of the losses made since February 19. Breaching this barrier will set the trajectory for Filecoin price to confront the next obstacle at the $6.550 resistance level presented by the 200-day EMA.

If buyer appetite remains intact past the aforementioned level, FIL could tag the $6.998 resistance level or in highly ambitious cases, reach the $7.254 resistance level. Such a move would constitute a 24% ascent in Filecoin price from its current position at $5.890.

Additionally, a bullish divergence was noted between Filecoin price, which recorded lower lows on the four-hour timeframe, and the RSI set up higher lows. This non-conformity often results in a breakout of the underlying asset's price to the upside. In this case, FIL could ideally kickstart a 24% upswing, as noted above.

On the downside, profit-taking could interrupt the bullish outlook for Filecoin price. Amid the current FUD in the market, investors could resort to booking early profits.

Such a scenario could provoke a selling spree that would see Filecoin price lose the support confluence consisting of the 50-day EMA and the immediate support level at $5.932. Additionally, a daily candlestick close below the said level would add to the buyers’ woes and invalidate the bullish thesis. 

The bearish outlook entails FIL dropping to the $5.288 level, or lower to the $4.684 support level. In extreme cases, the price could drop down to the $4.000 swing low. 

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Filecoin blockchain now supports smart contracts as well as user programmability through the Filecoin Virtual Machine (FVM).

The FVM will also be fully Ethereum compatible, making it more lucrative for developers and users to build on.

Filecoin price climbed to trade at $7.598 at one point during the intra-day trading hours.

Filecoin marked a new milestone in its roadmap as the blockchain launched its very own Virtual Machine on Tuesday, bringing about a crucial change to the network. Kicking in the final step in the “Filecoin Masterplan”, Filecoin Virtual Machine intends to bring large-scale computation and unlock open data economy for web3.

Filecoin Virtual Machine comes to life

Filecoin made a crucial development with the launch of the Filecoin Virtual Machine (FVM). The FVM is still a small part of the company’s larger roadmap. Commenting in line with the same at the time of launch, the company noted, 

“The launch of FVM solidifies Filecoin’s position as the Layer-1 blockchain uniquely poised to power an open data economy. Many leading web3 projects have announced plans to use, support, or integrate with FVM to upgrade their services.”

The FVM has also been designed to be fully Ethereum compatible with solutions for DeFi and cross-chain solutions arriving as well. FVM would also benefit the FIL token holders as the blockchain is now capable of supporting Decentralised Finance lending protocols. These protocols will allow token holders to soon be able to contribute their own FIL to grow Storage Provider operations via smart-contract-based protocols.

Furthermore, the FVM will also enable integrations with other web3 blockchains such as Polygon. These include cross-chain messaging and cross-chain liquidity via other protocols such as Axelar. Commenting on the same, the co-founder of Axelar, Sergey Gorbunov, stated,

“The Axelar-Filecoin integration is one of the first use-cases of interoperability that enables composition of chains with different properties. For instance, DeFi across blockchains will be composable with decentralized storage, regardless of where they choose to build.”

While no further details regarding the Filecoin roadmap have been shared at the moment, the focus is on the price action of the native token, which performed exceptionally on Tuesday.

Filecoin price notes an uptick

Following the broader market cues as well as being fuelled by the bullishness arising from the launch of FVM, Filecoin price climbed by more than 18% on the charts yesterday. The intraday trading hours noted FIL touching $7.598 before declining to close at $6.785.

The push noted from the broader market also brought Filecoin price close to the critical resistance at $7.877, breaching which would have enabled FIL to begin its recovery rally. If successful, the altcoin would have marked a new year-to-date high beyond the $9 mark.

But if the immediate support level at $6.590 is lost and Filecoin price falls below the critical support level at $5.466, the bullish thesis would be invalidated. The altcoin could end up not only falling below $5 but also declining to two months' lows of $4.164.

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 day to the FVM launch, and Filecoin is already pulling weight. The upcoming Filecoin Virtual Machine (FVM) launch is sparking more traction in the Filecoin network as FIL soars nearly 30% a day before launch. According to the Filecoin development team, the FVM would go live on epoch 2,683,348 of the Filecoin mainnet at 15:14 UTC on March 14.

Notably, FVM already has Binance’s support. According to the official announcement today, Binance will support Filecoin’s network upgrade known as Network v18 Hygge. The crypto exchange will momentarily halt FIL withdrawals and deposits on its platform at 14:30 UTC on March 14.

Filecoin (FIL) Price Surges Amid Heightened Anticipation For The FVM Launch

Over the past weeks, FIL has been basking in the hype around the FVM launch with impressive performance. Without the past week’s market-wide bearish trend, FIL would have sustained most of its February and January price gains. 

FIL observed a 12.9% price decline over the past two weeks. However, data from Tradingview shows that FIL has recovered most of its past weeks’ gains. The coin has rallied 30.14% over the past month and a 3.24% price gain in a week.

Notably, Filecoin users remained bullish about the coin in anticipation of the FVM upgrade. Data shows that FIL has recorded an over 228% surge in trading volume amid the heightened expectation of the network upgrade. Besides that, the FIL price rallied 28.49% over the past day while trading at $6.354 at press time.

The community’s sentiment towards the upcoming launch is evident in the number of viewers and attendees of the Countdown to FVM event on March 10. According to a tweet from Filecoin’s official handle, over 50,000 viewers and 300+ attendees were keyed into the event. 

Also, data from Defillama shows that Filcoin’s total value locked (TVL) has increased by 19.97%. As of March 12, the TVL stood at $1,850,223, but today March 13, it rose to $2,219,792. 

Features Of The FVM Upgrade

The Filecoin Virtual Machine is a runtime environment where developers can deploy smart contracts on the Network. Like the Ethereum Virtual Machine (EVM), FVM would scale the FIL blockchain’s programmability releasing the potential of an open data economy.

The FVM will transform Filecoin into a fully developed layer-1 blockchain. FVM will be compatible with EVM, enabling FIL to support multiple virtual machines after the upgrade.

Since Filecoin is a decentralized data storage system, deploying the FVM will enable more people to create and gain value from data. FVM would allow the developers to build applications, marketplaces, and decentralized organizations on the Filecoin network. It would also reduce gas fees, scale transaction speed, and bolster DeFi adaptation on Filecoin.

These features have increased the community’s anticipation for the FVM launch, supporting the FIL token price rally. The current rise in trading volume suggests either more people have already started Filecoin transactions or existing users increased their activities while awaiting tomorrow’s launch.

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