Filecoin retreated 2.2% over 24 hours, falling from $1.32 to $1.29 as technical sellers dominated the price action.
The decentralized storage token established a clear bearish channel pattern with successive lower highs confirming downward momentum across the 5-cent trading range, according to CoinDesk Research’s technical analysis model.
The model showed that volume activity told the real story. Trading exploded to 7.59 million tokens last night, 180% above the 24-hour average.
This rise coincided with selling at the $1.33 resistance level, marking a clear institutional breakdown according to the model.
Without fundamental catalysts driving price action, technical levels became the primary battleground. The quick recovery from $1.28 support shows that institutional buyers remain active despite the prevailing bearish channel structure, the model said.
The weakness in FIL came amid a decline in broader crypto markets. The CoinDesk 20 index was 3.1% lower at press time.
Technical analysis:
- Critical support is at $1.28 after intraday liquidation event
- Key resistance barrier at $1.33 where institutional selling occurred
- Maximum volume increase to 7.59 million tokens confirms great distribution activity
- Descending channel pattern shows successive lower highs confirming bearish trend
- V-shaped reversal from $1.28 proves institutional accumulation appetite
- Immediate upside target of $1.31-$1.32 offers 3.5% gain potential
- Break below $1.28 key support opens path to $1.26 extension
- Current risk/reward favors long positioning with stops below $1.2800
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.
