• 13 July, 2024
Market News

Filecoin Launches Smart Contracts, Price Surges by 7%

The Filecoin Virtual Machine (FVM) has been launched on the Filecoin blockchain, allowing developers to write and deploy custom code and unlocking the potential of an open data economy. The introduction of user programmability with FVM is a significant advancement in the capabilities of decentralized storage. 

The FVM will democratize the services of centralized cloud into open access markets and create boundless opportunities for Data DAOs, decentralized finance (DeFi), perpetual storage, and other Layer 2 networks.

The launch of FVM also brings additional integrations from Web3 platforms such as Sushi, Celer, Brave, Axelar, and others. More than 150 applications are already building with FVM’s perpetual storage and other capabilities on the Hyperspace testnet.

Filecoin price analysis

Filecoin price has jumped by over 7% and is currently trading at $6.70. Filecoin’s rise in price is attributable in part to the anticipation of the FVM launch, as well as the overall cryptocurrency market rally. The increase in price is also a reflection of the growing demand for decentralized storage solutions and the wider adoption of cryptocurrency platforms.

FIL/USD technical analysis reveals FIL is likely to retest previous highs at $7.00 in the near term, should there be no major trend reversals. The technical analysis also suggests that if Filecoin can break above the $7.00 mark, it could potentially target $8.50 in the long term.

Looking at the momentum oscillators, the RSI has reached overbought levels, indicating a potential short-term retracement. The Moving Average Convergence Divergence is also in the overbought territory, suggesting some profit-taking may be coming in.

FIL/USD daily chart: TradingView

Overall, Filecoin’s launch of FVM and subsequent surge in price is a positive sign for the platform, as well as the larger decentralized storage market.

The addition of user programmability should create numerous opportunities for developers to build with Filecoin, setting the stage for further adoption and growth in the near future. Investors should proceed with caution, however, as market conditions remain highly volatile and unpredictable.

Nevertheless, Filecoin’s launch of FVM is an important development that will shape the future of decentralized storage and bring new possibilities to the blockchain space. The Fibonacci Retracement and Momentum Oscillators suggest that the Filecoin price could trend higher, although profit-taking investors could set selling targets at $5.5 and lower.

New ChatGPT ‘GPT-4’ Model Sparks Massive Rally in AI Tokens Read Previous

New ChatGPT ‘GPT-4’ Model Sparks Massive Rally in AI Tokens

Ethereum Price Dropped Nearly 2% As Shanghai Upgrade Executed On Testent; What You Should do? Read Next

Ethereum Price Dropped Nearly 2% As Shanghai Upgrade Executed On Testent; What You Should do?