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Will Filecoin’s Waffle Upgrade Trigger a Rebound for FIL Price?

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Like other altcoins, Filecoin (FIL) faces intense volatility following the wider market collapse. The latest data from several price tracking platforms shows that FIL’s price has decreased by a staggering 16.38% in the last 24 hours.

This decline leaves investors at the mercy of uncertainty despite a promising development slated for Tuesday, August 6. Here is what could be in line for the cryptocurrency.

Traders Overlook Filecoin’s Upgrade, Choose to Follow the Money

At press time, FIL trades at $3.03 — the lowest value the token has reached in more than ten months. Despite the notable downswing, Santiment shows that the Funding Rate has turned negative.  

Funding Rate gives insights into traders’ expectations. When the ratio is positive, it means the perpetual price is trading at a premium to the spot price, also indicating that traders are betting on a price increase.

However, negative funding signifies that traders anticipate a further price decrease while noting an increase in short contracts. Therefore, Filecoin’s Funding Rate reveals that market participants do not plan to countertrade the current price movement despite doing that since the month began.

Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?

Filecoin Funding Rate
Filecoin Funding Rate. Source: Coinglass

Meanwhile, the actions of these traders have not affected the perception the broader market has about FIL. According to Santiment, the Weighted Sentiment has risen into the positive region. 

Weighted Sentiment measures social volume regarding an asset expressed in a positive or negative manner. 

Anytime the reading is in a positive region, the average comment about a cryptocurrency tilts toward optimism. Conversely, a negative reading implies that otherwise.

Filecoin Weighted Sentiment
Filecoin Weighted Sentiment. Source: Santiment

This optimism could be linked to Filecoin’s Waffle upgrade, which is slated for August 6. Codenamed NV23, the upgrade aims to enhance compatibility with the Ethereum ecosystem and reduce the time taken for transaction confirmation. 

FIL Price Prediction: More Bears, No Bulls

In July, FIL consistently registered daily green candlesticks that took the price from $3.47 to $4.80. With all of those gains erased, traders will be wondering if the altcoin could be set for a rebound. 

As shown in the chart below, bulls are clearly out of the picture, as indicated by the Bull Bear Power (BBP), as it is fondly called. The BBP establishes the relationship between bulls’ and bears’ strength.

Bulls (buyers) are stronger when the BB rises in the positive region. However, at press time, the BBP is in the negative region, suggesting that bears are dominating. If this continues, FIL’s price risk drops below $3 and could decline to $2.87.

Read more: Filecoin (FIL) price prediction 2024/2025/2030

Filecoin Daily Analysis
Filecoin Daily Analysis. Source: TradingView

However, if buying pressure begins to gain momentum, the value of FIL may increase. If this happens, the price may rise toward $3.56.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Reversal Toward $3.5 In The Works With Short And Long-Term Targets Revealed

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The XRP price is showing signs of a strong bullish reversal, with a crypto analyst predicting a potential rebound toward $3.5 and even higher. After experiencing significant volatility and undergoing a consolidation due to recent price declines, technical indicators now show support for XRP’s bullish outlook. As a result, the analyst has provided a short—and long-term price target for the cryptocurrency. 

XRP Price Projected To Reverse To $3.5

According to ‘Setupsfx’, a crypto analyst on TradingView, XRP is now in a bullish reversal phase, meaning its price is expected to break out of its recent downturn and rise to new highs. Based on the expert’s chart analysis of XRP, the cryptocurrency is predicted to see an explosive increase to $3.5 following the end of its consolidation phase.

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The chart indicates that the price of XRP is expected to rise to $3.5 in the coming months. However, from a fundamental analysis perspective, the analyst believes XRP is not limited to this bullish price target and could potentially surpass it to exceed current all-time highs of $3.84.

XRP
Source: Setupsfx on Tradingview

While the TradingView expert’s analysis of XRP maintains a neutral stance, implying uncertainty in the trend, he has also emphasized the cryptocurrency’s strong potential for growth. Hence, XRP could experience significant upward movement if market conditions align favorably and investor sentiment and confidence strengthen.

For his short-term price target, the crypto analyst forecasts that XRP could rally to a level above $3.5. He advises traders who intend to hold their positions for a short period to aim for this price level, as it could be a strategic exit point before a potential pullback. 

Notably, the analyst’s long-term price target for XRP has been set at $4.0 or higher. Considering XRP’s price is currently trading at $2.09, a surge to $4 would represent an almost 100% increase in its price.

Technical Elements Supporting Bullish Reversal

In his chart analysis, Setupsfx highlights XRP’s price action in a 12-hour time frame, showcasing key movements, trends, and technical elements that support his bullish projection. These elements include liquidity and IMB zones, which are areas where price action is expected due to pending orders. 

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The analyst also highlights an accumulation phase, as XRP has been consolidating at lower levels, signaling the possibility of a potential breakout. The appearance of strong low wicks further indicates that buyers are regaining control of the market. 

Finally, the TradingView analyst has indicated that the altcoin has already undergone a three-point trendline rejection, which means it has tested and rejected a resistance level multiple times. The expert’s price chart also provides an ideal entry point for both short and long-term traders, marked at $1.8. A stop loss has also been placed significantly lower around $1.2 to minimize potential losses.

XRP
XRP trading at $2.1 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com



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BNB Price Faces More Downside—Can Bulls Step In?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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VanEck Sets Stage for BNB ETF with Official Trust Filing

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Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF). 

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF 

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing
VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto. 

BNB Price Performance
BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF. 

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months. 

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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