fell as much as 7% in the last 24 hours, from $2.39 to $2.23, according to CoinDesk Research’s technical analysis model.
The model showed that the token had a range of $0.19, which represents a volatility of 7.9%.
Sellers dominated at the $2.41 resistance level as trading volume exploded to 5.92 million tokens traded, crushing the daily average of 3.42 million. Bulls defended the $2.23 support, with volume surpassing 4.8 million, according to the model.
Classic capitulation patterns emerged as selling exhaustion signaled a potential base formation above the critical $2.23 floor, according to the model.
In recent trading, Filecoin was down 5.1%, or around $2.26.
The broader crypto market also declined, with the broad market indicator, the CoinDesk 20, down 3.6%.
Technical analysis:
- Sellers defended the $2.41 resistance level, triggering a massive volume surge and price rejection.
- The bulls mounted their defense at the $2.23 support during several intraday tests and volume spikes.
- Trading activity exploded past 5.92 million during peak sales, well above the benchmark average of 3.42 million.
- Textbook capitulation appears with a violent sell-off followed by an immediate rebound of relief.
- Volatility compression and price stabilization suggest that seller exhaustion may be approaching critical levels.
- A new consolidation zone is forming around $2.25 following a dramatic recovery from the intraday massacre.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
