Filecoin climbed 2% to $1.57 over the last 24 hours, posting modest gains that tracked broader cryptocurrency market movements.
The broader market gauge, the CoinDesk 20 index, rose 1.6%.
The token’s volume stayed subdued at just 9.7% above seven-day averages, according to CoinDesk Research’s technical analysis model.
Price action showed Filecoin’s persistent correlation with wider crypto markets. The token posted only 1% idiosyncratic movement versus the broader digital asset complex, well below the 5% threshold signaling independent price discovery, the model said.
Technical factors dominated trading with no Filecoin-specific catalysts driving sentiment, according to the model.
The model showed that the token built an ascending trendline through most of the session with higher lows at $1.5249, $1.5537, and $1.5581.
Resistance emerged around the $1.59 level.
Technical Analysis:
- Primary resistance sits at $1.59 with multiple rejections; immediate support at $1.57
- Peak trading activity of 8 million occurred during midday volatility; late-session breakdown showed 259,489 volume spike
- Ascending trendline negated by final-hour reversal; consolidation range of $0.0683 represents 4.4% of trading value
- Breakdown below $1.556 targets further downside while reclaim of $1.58 needed to restore bullish momentum
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
