Filecoin fell 0.2% to $1.37 over the past 24 hours as the token underperformed the broader crypto markets.
The broader market gauge, the CoinDesk 20 Index, was 3% higher at press time.
FIL trading activity jumped 29% above its seven-day average, signaling heightened institutional interest, according to CoinDesk Research’s technical analysis model.
The elevated volumes suggested smart money repositioning, with buyers stepping in at key technical levels, the model showed.
Filecoin traded at a session high of $1,397 before distribution pressure increased over the last hour, according to the model.
The move established new near-term resistance near $1.40 and support at $1.36.
Technical analysis:
- Resistance formed at $1.40 session high
- Trading activity peaked at 5.9 million tokens during the 21:00 on December 11, 68% above the 24-hour average.
- The last distribution push of the hour generated 642,087 tokens in volume during the decomposition sequence.
- Higher lows of $1.3577 and $1.3661 suggested underlying accumulation despite sector headwinds.
- Immediate upside targets at $1.3975 resistance and $1.40 psychological level.
- Downside risk extended to $1.39 session open, with major support zone beginning near $1.36 from previous consolidation low.
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.
