Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – FIL hiked massively in the past few weeks.- The momentum slowed amidst macroeconomic uncertainty.Filecoin [FIL] has seen double-digit appreciation in the past few weeks.In the past seven and 30 days, the token rallied by 50%.The major driving factor for the recent uptrend was a planned expansion to include a Filecoin virtual machine (FEVM).
However, FIL tanked by over 10% in the past 24 hours, according to CoinMarketCap.The correction followed a sharp rejection of Bitcoin [BTC] at the $25K price level amidst market uncertainty and a possible hawkish stance by the Fed if inflation persists.Is your portfolio green? Check out the FIL Profit Calculator The Personal Consumer Expenditure (PCE), to be released on Friday, is a crucial tool Fed uses to track inflation and could determine its policy stance in March FOMC’s meeting.
Simply put, Friday’s event will influence FIL’s price action in March and overall Q1 2023 performance.FIL’s short-term recovery at stake Notably, FIL tanked by 17% after a price rejection at $9.181.But $7.708 support was steady and allowed bulls to launch a recovery but faced an obstacle by the time of writing.FIL could drop to the 23.60% Fib level of $7.904, $7.708, or $7.510, especially if BTC falls below $24.20K.Short-term bears can use these levels as short-selling targets.A stop loss can be placed above the 50% Fib level of $8.345.How much are 1,10,100 FILs worth today? On the other hand, near-term bulls could target the overhead resistance level of $9.181 if FIL closes above the 50% Fib level.But they must deal with the hurdles at 61.8% and 78.6% Fib levels.
The upswing could be accelerated if BTC retests the $25K level.But the upswing will invalidate the above bearish bias.Meanwhile, the RSI and OBV declined significantly in the past few days, showing that FIL’s momentum slowed.In addition, the DMI (Directional Movement Index) showed -DI (red line) increased in the same period, confirming the weakening structure.FIL’s development activity and demand declined; weighted sentiment improved According to Santiment, FIL’s development activity declined from 16 February.
Similarly, the weighted sentiment fell as demand fluctuated, as shown by the Funding Rate.But the Funding Rate remained positive, and sentiment improved, denoting the mild bullish sentiment at press time.Any further increase in demand and positive sentiment could push FIL towards the 50% Fib level.
But investors should track BTC price action before making moves.- The excitement around NEAR decreased as DEX volume and contract deployment fell.- The token momentum was neutral after leaving an overbought region.Near Protocol’s [NEAR] investor bias was largely positive as of 15 February, according to Santiment.
However, data from the on-chain analytic platform showed that its weighted sentiment had left the above-zero region, settling in at -0.261 at press time.How much are 1,10,100 NEARs worth today? Backtracks on the contracts The weighted sentiment acts as an improved version of the unique social volume and measures the broader perception towards an asset.
So, the decline means that investors were no longer excited about NEAR’s short-term prospect.But what else led to the fall? According to Artemis, Near Protocol enjoyed a hike in unique contract deployment with an all-month high on 30 January.Deploying contracts on a protocol like NEAR implies that several dApps can interact with one another while transactions move smoothly from one smart contract to another.However, the crypto metrics dashboard showed that the contract deployment had decreased incredibly.Until 13 February, the unique contracts deployed on Near Protocol’s mainnet was 149.
Another notable part of the NEAR ecosystem was its volume of Decentralized Exchanges (DEXs).Artemis revealed that the volume of the token on these exchanges had been static since 20 February.This stationary point aligned with the viewpoint that investors had slowed down the initial euphoria.Further on-chain signals pointed to a few bright aspects of the project.At press time, development activity on the NEAR chain had improved to 24.24.
The surge in the metric inferred that Near Protocol’s team was active with its public Github repositories.Similarly, its social dominance, which weighs the share of discussions based on social data and hype, increased.
At the time of writing, the metric was at its weekly high of 1.343%.Expanding volatility on the NEAR side Concerning the price, CoinMarketCap showed that NEAR exchanged hands at $2.52.
Interestingly, this was the same value it was 30 days back.But are there hopes for an improvement from this point? Is your portfolio green? Check out the Near Protocol Profit Calculator Based on the daily chart, NEAR’s volatility was adjusting to expanding volatility swings.This was revealed by the Bollinger Bands (BB).However, indications from the BB revealed that NEAR had left the overbought region since the price no longer touched the upper band.
On the Relative Strength Index (RSI) part, the momentum was relatively neutral at 54.55.However, a further fall below this zone could trigger a bearish impulse in the short-term.- Cosmos Hub witnessed a decline in staking activity.- However, development activity increased as Cosmos provided incentives.Cosmos Hub lost stakers on its network over the last week.However, with Cosmos [ATOM] increasing its focus on development activity, it could regain the interest of stakers and bring them back to the network.
Is your portfolio green? Check out the Cosmos Profit Calculator According to Token Terminal, Cosmos has ranked second in terms of the number of active developers.Despite the milestone, the network continued to incentivize developers as of 22 February.
#Cosmos is expanding ⚛️ 2023 presents developers even more options to build in the #Interchain The @BuildersProgram offers the structured support and ecosystem navigation needed for new chains to enter Cosmos Q2 applications are still open, apply here: https://t.co/I343L62Dnt https://t.co/CcYfexgj64 — Cosmos – Internet of Blockchains ⚛️ (@cosmos) February 22, 2023 The spike in active developers and the efforts to hire more could be due to Cosmos Hubs’ upcoming technologies.These technologies could be related to “Replicated Security,” which is the upcoming shared security model of the Cosmos Hub.However, regardless of these spikes, stakers remained uninterested in the protocol.According to Staking Rewards, the number of stakers on the network declined by 3.24% over the last month and stood at 720,014 at press time.
Regardless of the number of stakers, the price of Cosmos’ token, ATOM, surged over the past week.Even then, the overall volume of the token declined at press time.According to Santiment’s data, the overall volume of the ATOM token decreased from 515 million to 131.27 million in the last month.This could be one reason why traders held more short positions against ATOM.According to Coinglass’ data, the number of short positions against ATOM increased over the last 30 days.
At press time, 51.16% of traders had taken short positions against ATOM.Additionally, the network’s market cap dominance fell by 3.06% in the last seven days, according to Messari.This implied that even though ATOM’s price increased, other cryptocurrencies in the market outperformed its price activity.How much are 1,10,100 ATOMs worth today? For ATOM’s prices to continue growing, more investors would need to buy the token.However, as ATOM’s volatility rose, risk-averse investors could shy away from buying it.
This could negatively impact ATOM’s potential for growth.Only time will tell whether Cosmos Hub‘s efforts to increase developer activity will prove fruitful in the long run.- Avalanche’s development activity soared as multiple milestones and partnerships were announced this week.- AVAX attempts to keep the bears at bay despite slight selloff from resistance range.The Avalanche [AVAX] network has maintained robust development activity in the last seven days even as the market volatility slowed down.
Here’s a look at how the network has performed this week in terms of development activity.Is your portfolio green? Check out the Avalanche Profit Calculator Avalanche’s social dominance just achieved a new weekly high in the last 24 hours, confirming that the network is receiving a lot of attention.
Its development activity metric also registered sharp growth in the last seven days, confirming that developers have been busy.But what has been driving a surge in this development activity and social volume? There have been multiple announcements so far this week that are likely behind the above outcomes.Among those factors is a recap of how demand for native Bitcoin [BTC] grew on the Avalanche network in June 2022.1/ @avalancheavax enabled native $BTC via the Avalanche bridge June 2022 🔺 Since then $BTC growth on $AVAX has been unimpeded.An exploration.🧵👇 pic.twitter.com/yw1Luw4vq2 — Emperor Osmo🧪 (@Flowslikeosmo) February 21, 2023 Reports reveal that the demand for native BTC on Avalanche has enjoyed positive growth since it was launched, starting from roughly 21 BTC to more than 7,000 BTC in less than a year, even during the bear market.Avalanche makes headway on the WEB3 front Additionally, Avalanche teamed up with Chinese internet giant Tencent to pursue WEB3 opportunities.
According to the announcement, Avalanche will provide Tencent developers with access to subnets and rapid node development.Avalanche also deployed its new developer framework called HyperSDK this week.It will reportedly make it easier for developers to rapidly develop custom virtual machines while trimming down on complexities in development processes.Introducing HyperSDK, the first framework for developers to build high performance Virtual Machines on Avalanche, out-of-the-box.HyperSDK is designed to accelerate custom VM development, creating the foundation to build the fastest blockchains.So what is HyperSDK? pic.twitter.com/Din3ZlcJht — Avalanche 🔺 (@avalancheavax) February 21, 2023 How did AVAX respond? AVAX held up quite well in light of these advances.
However, the bulls had a hard time pushing above the $21 price level after encountering resistance.
AVAX’s price action at press time was characterized by lower volatility.Despite this, its trend demonstrated relative strength above the 50% RSI level.Its MFI dipped slightly from this week’s high, confirming some outflows.How much are 1,10,100 AVAXs worth today? Nevertheless, it remained firmly above the 60 range, confirming a weak bearish outcome so far.
This outcome also reflects the bearish sentiment since mid-February.
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