Faced intense sales pressure as the token entered several support limits to $ 2.39, $ 2.37 and $ 2.36 in the middle of unusually robust trading volumes on Tuesday morning during the US trade session, according to Coindesk Research’s technical analysis model.
The model showed that the decentralized storage network’s original cryptocurrency experienced its most serious contraction during the last trade hour, with panic that sold clearly when volume reached 530,000 within a unique minute.
The token violated key support levels in the midst of institutional liquidation and sales of elevated volume according to the model.
Last week, Core Protocol updates, new AI initiatives and continuous preparations for File Dev Summit 7, the network said in a post on X.
In the latest trade, Filecoin was 4.4% lower, about $ 2.31.
The wider crypto market also fell with the wide market meter, Coindesk 20, down 3.4% down
Technical Analysis:
- Resistance levels to $ 2.41- $ 2.42 maintained firmness during early trade sessions before subsequent collapse.
- Several support limits violated to $ 2.39, $ 2.37 and $ 2.36, indicating technical vulnerability.
- Volume wave to 5.67 million during sale confirms institutional liquidation patterns.
- Single minute volume of 530,000 suggests panic sales and capitulation.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
