Filecoin
underwent a notable 5.8% decline over the 24-hour period, dropping from a high of $2.569 to a low of $2.406, according to CoinDesk Research’s technical analysis model.
The token found support at the $2.41-$2.42 range, forming a potential consolidation zone after the sharp decline, the model showed.
Filecoin is currently trading 4.9% lower, around $2.425.
Technical Analysis:
- FIL-USD underwent a notable 5.8% decline over the 24-hour period, dropping from a high of $2.569 to a low of $2.406.
- Heavy selling pressure occurred between 22:00-00:00 UTC when volume spiked to over 7 million units.
- The token found support at the $2.41-$2.42 range, forming a potential consolidation zone after the sharp decline.
- Technical analysis reveals a breakdown of the $2.52 support level that had previously held during the first half of the period.
- Resistance is now established at $2.56, where multiple rejection wicks formed before the downtrend accelerated.
- The high-volume selling suggests institutional distribution and potential further downside unless buyers can reclaim the $2.45 level.
- In the last hour, FIL-USD demonstrated notable volatility with a recovery attempt from the previous correction.
- Price action formed a V-shaped pattern, initially dropping to a low of $2.411 before staging a significant rally to reach $2.427
- Volume peaked during the upward movement at over 55,000 units traded, suggesting strong buying interest at support levels.
- The asset has since consolidated between $2.415-$2.418, establishing a potential short-term horizontal support zone.
- Multiple rejection wicks formed at the $2.420 resistance level.
- This price action indicates potential stabilization following the earlier decline, though modest volume in the final minutes suggests caution before confirming a trend reversal.
