Filecoin crashed through critical support levels while falling 10% to $2.34 in 24 hours, according to CoinDesk Research’s technical analysis model.
The pattern showed that strong selling pressure overwhelmed buyers’ requests as successive lower highs confirmed a technical breakdown pattern.
Trading volume exploded to 21 million tokens, 137% more than the 24-hour average of 8.9 million according to the model.
FIL smashed through key support at $2.50 and $2.40 as institutional-sized orders triggered cascading stop losses, the model said.
Technical analysis:
- Primary support holds at the previous low of $2.35, with broken $2.40 and $2.50 levels now overhead resistance
- Extraordinary volume of 21 million tokens (137% above 8.9 million simple moving average) confirms collapse validity with institutional participation patterns
- Clear downtrend formation with consecutive lower highs from $2.67 resistance, confirming bearish momentum structure
- Immediate downside target at $2.30 psychological level while recovery requires recovery of $2.40 broken support zone
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
