Filecoin advanced 6% in 24 hours, outpacing gains in the broader crypto market. The broader market gauge, the CoinDesk 20 (CD20) index, added 4.6%.
The storage token carved out a $0.19 range and hit a high of $1.68 before settling into a tighter $1.56-$1.60 band, according to CoinDesk Research’s technical analysis model.
The model showed that trading activity exceeded its 30-day average by 109%.
The price formed a series of higher lows from $1.55, with momentum falling to a narrow range as volume fell to below-average levels, confirming institutional accumulation during the initial surge with retail participation easing in subsequent hours, according to the model.
The close correlation to the broader market shows that the token is currently behaving as a beta play on general crypto sentiment rather than reacting to protocol-specific developments, the model said.
In the absence of clear fundamental drivers specific to Filecoin, technical levels of $1.55 support and $1.68 resistance became paramount as the market digested the increased volume.
Technical analysis:
- Immediate support established at $1.57 from the last hour bottom pattern and then at $1.55
- 24-hour volume ran 109% above 30-day moving average, signaling increased participation
- Series of higher lows from $1.55 established uptrend structure
- Immediate upside target at $1.59-$1.595 resistance zone
- Extended target to $1.68 period high if momentum holds
- Technical structure remains constructive with higher-low pattern maintained suggesting base-building for sustained progress towards regaining $1.60 psychological level
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.
