Filecoin increased by 2% to $1.57 in the past 24 hours, reflecting slight gains that aligned with the overall cryptocurrency market trends.
The CoinDesk 20 index, which represents the broader market, saw a rise of 1.6%.
The trading volume for the token remained low, just 9.7% above the seven-day average, as per CoinDesk Research’s technical analysis model.
Price movements indicated Filecoin’s ongoing correlation with the larger crypto markets, showing only a 1% independent price movement compared to the broader digital asset sector, significantly lower than the 5% mark that suggests independent price activity, according to the model.
Technical factors remained dominant, with no specific catalysts for Filecoin driving market sentiment, as noted by the model.
The model revealed that the token formed an ascending trendline throughout most of the session, with higher lows recorded at $1.5249, $1.5537, and $1.5581.
Resistance was identified around the $1.59 mark.
Technical Analysis:
- Key resistance is at $1.59 with several rejections; immediate support is at $1.57
- Peak trading activity reached 8 million during midday volatility; a late-session breakdown recorded a volume spike of 259,489
- The ascending trendline was broken due to a final-hour reversal; a consolidation range of $0.0683 represents 4.4% of trading value
- A breakdown below $1.556 targets further declines, while a recovery to $1.58 is required to regain bullish momentum
Disclaimer: Portions of this article were created with AI assistance and reviewed by our editorial team for accuracy and compliance with our standards. For further details, please refer to CoinDesk’s complete AI Policy.
