Key Takeaways:
- Filecoin price risks another 10% drop by week's end.
- The prior rally could have been a "buy the rumor sell the news" incident.
- Network successfully launched the Filecoin Virtual Machine upgrade, introducing smart contract to the network.
YEREVAN (CoinChapter.com) – Filecoin price dropped 15% on March 15 after a 54% advance on March 12-14. As a result, the FIL/USDT exchange rate stood at $6.45 in the European session. Moreover, the token price could drop by another 10% by Sunday, March 19.
In short, the Filecoin price retested key support on March 15, which has been relevant since mid-February. However, the declining trading volumes testify to another leg down, which could come before the week’s end.
Additionally, as seen on the chart below, the Filecoin price action mainly copied Bitcoin year-to-date. If the flagship crypto drops any further, FIL is likely to follow. And, vice versa, should BTC advance in the upcoming days, so will major altcoins, including Filecoin.
Notably, the price decline seemed like a classic case of “buy the rumor, sell the news,” as it came after the Filecoin Virtual Machine upgrade, which took place on Pi day, March 14.
Also read: BNB Price Prediction: Bulls Aim Big After Recent Surge Above $300.
Filecoin Virtual Machine upgrade was “successful.”
According to Filecoin news per the official Twitter page, the long-awaited virtual machine upgrade went through, and the Network now supports smart contracts as of Pi day (March 14), 3.14 pm UTC.
The Filecoin Virtual Machine (FVM) is a runtime environment for smart contracts (also called actors) on the Filecoin network. FVM brings user programmability to Filecoin, unleashing the enormous potential of an open data economy.
explained the website.
On March 13, Binance announced it would “support the Filecoin (FIL) network upgrade” and that the “trading of FIL will not be affected.”
OKX Wallet also expressed support for the network on March 14.
To better promote the new network and prosper the multi-chain ecosystem, OKX Wallet will come as one of the FIRST multi-chain wallets to integrate the Filecoin EVM upgrade! By then, you will be able to view and trade Filecoin EVM tokens in the OKX Mobile App and OKX Wallet Web Extension.
announced OKX.
Also read: Pi token price jumps 7% ahead of the Pi Network open Mainnet launch.
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