Filecoin has retraced earlier gains, now trading down 1% over the past 24 hours, as the storage token lagged behind the broader cryptocurrency markets.
The overall market indicator, the CoinDesk 20 index, was slightly up at the time of publication, showing an increase of 0.2% at 2,662.
Trading fluctuations heightened as the session evolved, with FIL recording a $0.08 range that represented 6.4% of its market value, based on CoinDesk Research’s technical analysis.
The analysis indicated a peak trading volume of 6.36 million tokens, a 140% increase over the 24-hour average, resulting in a sharp rise from $1.22 to $1.26 before facing resistance at $1.266.
During the last hour of trading, a significant reversal occurred as FIL dropped from the $1.266 resistance, leading to substantial liquidations that reduced prices from $1.261 to $1.20, according to the analysis.
Moreover, the model indicated significant volume spikes surpassing 497,000 tokens, confirming institutional sales as the token fell through several support levels.
Technical Analysis:
- Key resistance held at $1.266 after failed breakout attempts; a support zone formed at $1.201-$1.207 post-breakdown
- Institutional engagement peaked at 6.36 million tokens, initiating the initial climb; liquidation volume reached 497,000 during the reversal
- Range-bound structure exhibited a total bandwidth of $0.08 (6.4%); breakdown of resistance confirmed a failure to maintain elevated levels
- The trading floor appeared at $1.207, correlating with the session’s low range, indicating possible stabilization around current prices
Disclaimer: Portions of this article were generated with the aid of AI tools and were reviewed by our editorial team for accuracy and compliance with our standards. For further details, please refer to CoinDesk’s complete AI Policy.
