Filecoin fell more than 10% to $1.46 over the past 24 hours, underperforming the broader cryptocurrency market, which itself was heading south.
The token fell to $1.46 from $1.62, establishing a $0.16 range with 11% intraday volatility, according to CoinDesk Research’s technical analysis model.
The model showed volume rising 32.7% above the seven-day moving average, signaling concentrated selling pressure.
Peak liquidation hit at midnight UTC, with 20 million volume, more than four times the 24-hour simple moving average according to the model. A technical breakdown accelerated through $1.58 support as resistance formed near $1.47.
The selloff established strong momentum through consecutive lower highs from the $1.6385 peak. The capitulation took place around $1.46 after the high volume crash event. Current price action suggests potential stabilization after selling pressure wears off, the model said.
The broader market gauge, the CoinDesk 20 index, fell 7%.
Technical analysis:
- Strong resistance formed near $1.47 after breaking from $1.58 support
- Key resistance at previous support level of $1.58 is now critical for recovery
- 24-hour volume rose 32.7% above the 7-day moving average
- Maximum sales volume of DKK 19.97 million. at the breakdown point (318% above SMA)
- Last hour showed exhaustion with zero volume consolidation
- Potential stabilization forms around $1.46 support zone
- Immediate resistance at $1.47 should hold for further downside
- Recovery requires retrieving the $1.58 broken support level
- Downside risk towards $1.40 if current support fails
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.
