Filecoin (FIL) Gears Up for Bullish Momentum with Nv21 Upgrade

In the cryptocurrency market, a notable transformation is underway, ushered in by the ‘altseason.’ Filecoin (FIL) stands out in this evolving landscape, garnering attention as it undergoes the Watermelon upgrade. This upgrade, known as nv21, is set to introduce pivotal protocol enhancements, specifically targeting the Filecoin Virtual Machine (FVM).

#FIL UPDATE DAILY TIMEFRAME

Filecoin announced the completion of its Watermelon Upgrade (nv21), introducing pivotal changes to enhance the network’s capabilities i.e. increased efficiency, security, and cost-effectiveness

ANY THOUGHTS ON $FIL ? pic.twitter.com/CkACdvk1RE

— FortuneNodeOfficial (@Fortunenode_) December 17, 2023

Despite these strides, the trading dynamics of FIL haven’t displayed substantial improvement, signaling a crucial need for more impactful developments. The success of the NV21 upgrade could potentially bolster Filecoin’s market standing, but its journey to higher resistance levels depends on increased adoption and utility. Absent significant market traction, Filecoin may grapple with transcending its current price range, emphasizing a cautious outlook.

Key Filecoin Levels To Watch – December 18

The formation of the base at the $3.300 resistance marked the end of the downtrend as the third quarter of the year came to an end. According to the MA Cross, the market’s overall trend is now bullish.
 
The trading range of the market is between $4.150 and $6.750. The high at $6.750 was formed after a break of structure to the upside. The bullish trend is likely to resume as the price enters the oversold state, according to the Stochastic Oscillator. 

FILUSD Critical Levels

Resistance Levels: $5.700, $6.750, $7.600 
Support Levels: $4.940, $3.300, $2.680

Filecoin Metrics

Total Market Capitalization: $1.58T
Filecoin Market Capitalization: $2.5B
Filecoin Volume: $390M
Market Rank: #30

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