Filecoin has seen a decline of 0.2%, trading at $1.37 over the past 24 hours as it lagged behind the broader crypto market.
The CoinDesk 20 index, a broader market measure, reported a 3% increase at the time of this publication.
Trading activity for FIL increased by 29% above the seven-day average, suggesting a surge in institutional interest, according to CoinDesk Research’s technical analysis model.
This increase in volume indicates that smart money is reallocating, with buyers entering at crucial technical levels, as indicated by the model.
Filecoin reached a session high of $1.397 before experiencing selling pressure in the final hour, according to the model.
This trend created new short-term resistance at approximately $1.40 and established support at around $1.36.
Technical Analysis:
- Resistance established at the session high of $1.40
- Trading activity peaked at 5.9 million tokens during the 21:00 hour on Dec. 11, which is 68% higher than the 24-hour averages.
- The distribution pressure in the final hour generated 642,087 tokens in volume during the selling sequence.
- Higher low points at $1.3577 and $1.3661 indicate continued accumulation despite broader sector challenges.
- Immediate upside targets include the $1.3975 resistance and the psychological level at $1.40.
- Downside risk extends to the session open at $1.39, with a significant support zone beginning near $1.36 from previous consolidation lows.
Disclaimer: This article includes portions generated with the help of AI tools and has been reviewed by our editorial team for accuracy and compliance with our standards. For further information, please see CoinDesk’s full AI Policy.
