On August 6, with the NV23 Waffle upgrade, Filecoin price faced demand pressure of $3, and the RSI was oversold, and it was expected to receive key support to offset the correction trend.
emphasize
Filecoin is preparing to enhance its network capabilities with its latest “Waffle” upgrade, which is scheduled to roll out to the mainnet tomorrow, August 6.
FIL price retested the $3 support level, triggering a 175% rally into Q4 2023.
The 50-day EMA has been a barrier preventing FIL buyers since April 2024
Filecoin prices fell 7% to $3.2 on Monday amid a broader market correction. According to Coin Glass, total liquidations in the cryptocurrency market were around $1.23 billion in the past 24 hours. Although supply pressure eased slightly during the U.S. market session, bearish sentiment for most major tokens persisted.
Filecoin will enhance network functionality with NV23
Filecoin is expected to improve network functionality with network version 23 (called Waffle), scheduled to land on the mainnet on August 6, 2024. This upgrade will introduce several key features to help improve performance and expand functionality.
According to a blog post shared on Waffle Upgrades, one of the main highlights of NV23 is the soft launch of Fast Finality under FIP-00086, which kicks off passive testing of F3 on the mainnet, laying the foundation for possible future updates such as NV24.
Additionally, NV23 will add support for traditional Ethereum transactions such as Homestead and EIP-155 through FIP-0091. This integration will make the network compatible with tools and wallets that support Ethereum and make it easier for Ethereum users to onboard through a bridge across the blockchain space.
In addition, this Waffle upgrade will bring non-interactive proof of replication specified in FIP-0092. This helps separate sealing activities from storage tasks and run them independently to reduce operating costs and enable storage providers to better control the window release deadlines of their sectors.
Overall, the NV23 update represents Filecoin’s continued commitment to innovation and efficiency, aiming to increase the utility and connectivity of its blockchain solutions.
Filecoin price on the daily chart has fallen for 10 consecutive days, with its value falling from $4.44 to $3.3, a 29% drop. Amid today’s market sell-off, FIL retested the $3 support level, which provides support for buyers to rise by 175% in the fourth quarter of 2023.
The long wick area candles above the support level reflect demand pressure for the altcoin at a discount. The upcoming waffle upgrade could spark a sudden rise in FIL, sustaining above $3, but the real growth behind this development will occur over time.
The relative strength index (RSI) fell into the oversold territory, indicating that the decline was excessive but a rebound could soon occur. A potential rebound could push the asset up 46% to challenge the $4.8 resistance level.
FIL/USDT – 1d Chart
Conversely, Filecoin prices are encountering dynamic resistance at the 50-day exponential moving average (EMA) slope, which could bring supply pressure again. A failed rebound could accelerate the market correction and break the $3 support level. A decline after the breakout could push FIL prices up 26% to test the December 2022 low of $2.4.
On August 6, with the NV23 Waffle upgrade, Filecoin price faced demand pressure of $3, and the RSI was oversold, and it was expected to receive key support to offset the correction trend.
emphasize
Filecoin is preparing to enhance its network capabilities with its latest “Waffle” upgrade, which is scheduled to roll out to the mainnet tomorrow, August 6.
FIL price retested the $3 support level, triggering a 175% rally into Q4 2023.
The 50-day EMA has been a barrier preventing FIL buyers since April 2024
Filecoin prices fell 7% to $3.2 on Monday amid a broader market correction. According to Coin Glass, total liquidations in the cryptocurrency market were around $1.23 billion in the past 24 hours. Although supply pressure eased slightly during the U.S. market session, bearish sentiment for most major tokens persisted.
Filecoin will enhance network functionality with NV23
Filecoin is expected to improve network functionality with network version 23 (called Waffle), scheduled to land on the mainnet on August 6, 2024. This upgrade will introduce several key features to help improve performance and expand functionality.
According to a blog post shared on Waffle Upgrades, one of the main highlights of NV23 is the soft launch of Fast Finality under FIP-00086, which kicks off passive testing of F3 on the mainnet, laying the foundation for possible future updates such as NV24.
Additionally, NV23 will add support for traditional Ethereum transactions such as Homestead and EIP-155 through FIP-0091. This integration will make the network compatible with tools and wallets that support Ethereum and make it easier for Ethereum users to onboard through a bridge across the blockchain space.
In addition, this Waffle upgrade will bring non-interactive proof of replication specified in FIP-0092. This helps separate sealing activities from storage tasks and run them independently to reduce operating costs and enable storage providers to better control the window release deadlines of their sectors.
Overall, the NV23 update represents Filecoin’s continued commitment to innovation and efficiency, aiming to increase the utility and connectivity of its blockchain solutions.
Filecoin price on the daily chart has fallen for 10 consecutive days, with its value falling from $4.44 to $3.3, a 29% drop. Amid today’s market sell-off, FIL retested the $3 support level, which provides support for buyers to rise by 175% in the fourth quarter of 2023.
The long wick area candles above the support level reflect demand pressure for the altcoin at a discount. The upcoming waffle upgrade could spark a sudden rise in FIL, sustaining above $3, but the real growth behind this development will occur over time.
The relative strength index (RSI) fell into the oversold territory, indicating that the decline was excessive but a rebound could soon occur. A potential rebound could push the asset up 46% to challenge the $4.8 resistance level.
FIL/USDT – 1d Chart
Conversely, Filecoin prices are encountering dynamic resistance at the 50-day exponential moving average (EMA) slope, which could bring supply pressure again. A failed rebound could accelerate the market correction and break the $3 support level. A decline after the breakout could push FIL prices up 26% to test the December 2022 low of $2.4.
