Storage token Filecoin fell 3.6% over the last 24 hours, tracking weakness in the wider cryptocurrency market.
The broader market gauge, the CoinDesk 20 index, was also 3.6% lower at publication time.
Filecoin’s volume ran 30% above the 30-day moving average, though participation failed to breach elevated thresholds that typically confirm directional conviction, according to CoinDesk Research’s technical analysis model.
The model showed that the token exhibited range-bound volatility. Total range measured $0.08 (5.0%) with a session high of $1.61 and low of $1.52.
The most significant volume event materialized yesterday evening when participation spiked to 7.30 million, 95% above the 24-hour simple moving average of 3.74 million, according to the model.
This spike coincided with sharp downside rejection from resistance near $1.60 and established critical support at $1.52, the model said.
The model showed that price subsequently recovered to retest the $1.59-$1.60 resistance zone multiple times on declining volume, forming a consolidation pattern with support holding above $1.55 through the final hours.
Technical Analysis:
- Primary resistance: $1.59-$1.60 zone tested multiple times on declining volume, indicating exhaustion
- Critical support: $1.52 established during spike low with 7.30 million volume
- 24-hour participation: 30% above 30-day moving average, below elevated interest threshold
- Failed breakout: Two-minute whipsaw from $1.561 to $1.57 and back suggests algorithmic activity
- Declining volume retests: Multiple attempts at $1.59-$1.60 resistance on diminishing participation
- Downside risk: Support breakdown below $1.52 exposes limited technical structure
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.
