Filecoin fell 2% to $1.28 during Tuesday’s session, tracking broader crypto market flows rather than reacting to token-specific catalysts.
The token’s price action remains closely tied to crypto market sentiment, according to CoinDesk Research’s technical analysis model. This tight correlation indicates that large order flows are driving the price movements rather than fundamentals for Filecoin, according to the model.
The broader crypto market gauge, the CoinDesk 20 Index, was 0.6% lower at press time.
Trading volume for Filecoin reinforces the consolidation theme, with 24-hour activity 7.3% above weekly averages signaling measured participation, the model said.
The model also showed that volume patterns support range-bound trading as participation does not meet breakout thresholds. The measured increase suggests accumulation rather than aggressive positioning that typically precedes larger directional movements.
Technical analysis:
- Primary support holds at $1.27, while resistance remains firm at $1.35 from volume-driven peaks.
- 24-hour activity 7% above weekly average shows continued participation by major holders, with volume up 85% below $1.35 test, confirming key resistance.
- The formation of higher lows, from $1.266 to $1.276, within a $0.087 range, indicates an accumulation phase.
- The immediate upside target lies in the $1,285-$1,290 zone, based on range extension, with broader resistance at $1.35, which calls for a volume rally to break.
Disclaimer: Portions 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.
