dropped as much as 7% in the last 24 hours and tumbled from $ 2.39 to $ 2.23, according to Coindesk Research’s technical analysis model.
The model showed that the token placed an interval of $ 0.19 representing 7.9% volatility.
Sellers dominated at the $ 2.41 resistance level as transaction volume exploded to 5.92 million tokens traded and crushed the daily average of 3.42 million. Bulls defended $ 2.23 support with volume that tip over 4.8 million, according to the model.
Classic capitulation patterns emerged as selling exhaustion signalized potential basic formation over the critical $ 2.23 floor, the model says.
In the latest trade, Filecoin was 5.1% lower, about $ 2.26.
The wider crypto market also fell with the broad market meter Coindesk 20, 3.6%down.
Technical Analysis:
- Sellers defended the level of resistance of $ 2.41 and triggered a massive volume wave and price rejection.
- Bulls mounted defense for $ 2.23 support during multiple intraday tests and volume tips.
- Trade activity exploded past 5.92 million during the highest sales, well over the average of 3.42 million.
- Textbook capitulation emerges with violent sales followed by immediate relief -shopping pattern.
- Volatility compression and price stabilization suggest that the exhaustion of the seller can approach critical levels.
- Fresh consolidation zone forms about $ 2.25 after dramatic recovery from the intraday massacre.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
