Filecoin fell 4.2% to $1.28 on Tuesday amid significant volatility as traders drove sharp reversals amid a broader market decline, according to CoinDesk Research’s technical analysis model.
The model showed that the decentralized storage token established a bearish price trend with $0.08 range representing 6.3% volatility.
Volume was 12.75% above the seven-day average according to the model. The peak of 11.7 million tokens was 85% above the 24-hour average of 2.81 million.
The spike confirmed the token’s break below the psychological support price of $1.30, the model said.
Broader crypto markets also fell. The CoinDesk 20 index was 3.7% lower at press time.
Technical analysis:
- Primary support lies at $1.278 with resistance ceilings near $1.285 creating a tight $0.007 trading range
- The 185% increase in volume during the $1.30 collapse confirmed institutional participation, while normalized activity in late sessions suggests a consolidation phase according to the model.
- Classic support-resistance dynamics occurred with quick capitulation followed by an immediate recovery, indicating buyer interest at lower levels
- Short-term range between $1,278-$1,285 with broader 24-hour bearish trend intact until recovery at $1.30 psychological level
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 Polouse.
