Storage token Filecoin fell 3.6% over the past 24 hours, tracking weakness in the broader cryptocurrency market.
The broader market gauge, the CoinDesk 20 Index, was also 3.6% lower at press time.
Filecoin’s volume ran 30% above its 30-day moving average, although participation did not exceed elevated thresholds that typically confirm directional conviction, according to CoinDesk Research’s technical analysis model.
The model showed that the token exhibited range-bound volatility. Total range measured $0.08 (5.0%) with a session high of $1.61 and low of $1.52.
The most significant volume event occurred last night, when participation rose to 7.30 million, 95% above the 24-hour simple moving average of 3.74 million, according to the model.
That rise coincided with a sharp downward rejection from resistance near $1.60 and established critical support at $1.52, the model said.
The model showed that price subsequently reversed to retest the $1.59-$1.60 resistance zone several times on decreasing volume, forming a consolidation pattern with support holding above $1.55 through the final hours.
Technical analysis:
- Primary resistance: $1.59-$1.60 zone tested multiple times on declining volume, indicating exhaustion
- Critical support: $1.52 established below spike low with 7.30 million volume
- 24-hour participation: 30% above 30-day moving average, below elevated interest rate threshold
- Failed breakout: Two-minute whipsaw from $1.561 to $1.57 and back suggests algorithmic activity
- Retesting Declining Volume: Multiple attempts at $1.59-$1.60 resistance against declining participation
- Downside Risk: Support break below $1.52 reveals limited technical structure
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.
