Filecoin is up 18% prior to network upgrade

The price of filecoin (FIL) is currently displaying bullish signs as it strives to maintain its position above a crucial support level. 

At press time, filecoin (FIL) is trading at $5.91, with a 24-hour trading volume of $574,478,856, reflecting a 18% increase in price over the past 24 hours. However, over the past 7 days, its price has declined by 1.65%. At a circulating supply of 400 million, the market cap of filecoin is estimated to be $2,460,784,286.

The bullish sentiment is due to the anticipation surrounding the impending launch of the Filecoin network’s EVM (FEVM), which will introduce smart contracts and user programmability to the mainnet on March 14. 

On March 14, the Filecoin network upgrade will occur during Epoch 2,683,348 at around 15:14 (UTC). The upgrade will allow developers to deploy EVM smart contracts and other functionalities on the Filecoin network. As of this date, developers can take advantage of these new capabilities.

The upcoming Filecoin network upgrade will not affect FIL trading. For Binance users holding FIL, Binance will manage all necessary technical requirements. After a determination that the upgraded network is stable, all deposits and withdrawals for FIL will resume without further notice to users. In the event of any discrepancies between translated versions and the original English version, the English version shall take precedence.

FIL/USD daily chart analysis

The price of FIL is bouncing back to the bullish trend after hitting a support level. Consequently, the price of FIL has formed a double bottom that signifies a price change in price trend. Currently, FIL is trading below the 50-day and 200-day moving averages. However, with the upgrade that is due on March 14, the price of FIL might surpass the daily averages and reach its previous resistance.