Filecoin fell 0.2% to $1.37 over the past 24 hours as the token underperformed broader crypto markets.
The broader market gauge, the CoinDesk 20 Index, was 3% higher at press time.
FIL’s trading activity jumped 29% above the seven-day average, signaling increased institutional interest, according to CoinDesk Research’s technical analysis model.
The high volumes suggest smart repositioning of silver, with buyers intervening at key technical levels, according to the model.
Filecoin traded as high as $1.397 before distribution pressure mounted over the past hour, according to the model.
This move established new short-term resistance near $1.40 and support at $1.36.
Technical analysis:
- Resistance formed at session high of $1.40
- Trading activity peaked at 5.9 million tokens on December 11 at 9 p.m., 68% above the 24-hour average.
- The final hour’s distribution pressure generated a volume of 642,087 tokens during the outage sequence.
- Higher lows at $1.3577 and $1.3661 suggest underlying accumulation despite sector headwinds.
- Immediate upside targets at resistance $1.3975 and psychological level $1.40.
- Downside risk extended to $1.39 to open the session, with a major support area starting near $1.36 from the previous consolidation low.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
