Filecoin surged 4.3% to $1.32 in 24 hours as institutional investments pushed the token past essential resistance levels.
The rise occurred within a controlled $0.06 range, demonstrating clear upward momentum that traders anticipated for sustained gains, per CoinDesk Research’s technical analysis model.
The model indicated that volume confirmation was reached at midnight UTC, with 2.9 million tokens traded, 87% above the session average of 1.55 million.
This surge confirmed FIL’s rise above the $1.29 resistance, establishing it as new support, according to the model.
Higher lows at $1.260, $1.277, and $1.291 indicated institutional accumulation taking the lead over retail volatility, the model highlighted.
The final push above $1.32 on increased volume sets sights on the resistance range of $1.33-1.335.
The increase in FIL coincided with a broader rise in crypto markets, with the CoinDesk 20 index up by 2.5% at the time of publication.
Technical Analysis:
- Primary support positioned at $1.29
- Immediate resistance target includes the $1.330-1.335 area
- Session high resistance at $1.325 successfully tested
- Peak volume reaches 2.9 million tokens (87% above the 24-hour SMA)
- Ascending trendline establishes a structure of higher lows
- Volume-confirmed breakout verifies breach of resistance
- Primary upside target focuses on the $1.330-1.335 resistance range
- Risk/reward analysis favors continuation beyond $1.32
Disclaimer: Portions of this article were generated with AI assistance and were reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, refer to CoinDesk’s complete AI Policy.
