Filecoin rose 2% to $1.57 over the past 24 hours, posting modest gains that tracked broader moves in the cryptocurrency market.
The broader market gauge, the CoinDesk 20 Index, rose 1.6%.
The token’s volume remained muted at just 9.7% above its seven-day average, according to CoinDesk Research’s technical analysis model.
Price action showed Filecoin’s continued correlation with broader crypto markets. The token posted just 1% idiosyncratic movement relative to the broader digital asset complex, well below the 5% threshold that signaled independent price discovery, the model said.
Technical factors dominated trading with no Filecoin-specific catalysts driving sentiment according to the model.
The model showed the token building a rising trendline throughout most of the session with higher lows of $1.5249, $1.5537 and $1.5581.
Resistance emerged around the $1.59 level.
Technical analysis:
- Primary resistance sits at $1.59 with multiple rejections; immediate support at $1.57
- Peak trading activity of 8 million occurred during midday volatility; breakdown in the late session showed 259,489 volume spikes
- Rising trend line negated by reversal in last hour; consolidation range of $0.0683 represents 4.4% of trade value
- Breakdown below $1,556 target further downside, while recovery of $1.58 needed to restore bullish momentum
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.
