Filecoin storage token fell 3.6% in the past 24 hours, reflecting weakness in the broader cryptocurrency market.
The market’s broader index, the CoinDesk 20 Index, was also 3.6% lower at press time.
Filecoin volume was 30% above the 30-day moving average, although participation failed to clear the high thresholds that typically confirm directional conviction, according to CoinDesk Research’s technical analysis model.
The model showed that the token exhibited range-limited volatility. The total range measured $0.08 (5.0%) with a session high of $1.61 and a low of $1.52.
The largest volume event materialized last night when participation reached 7.30 million, 95% above the 24-hour simple moving average of 3.74 million, according to the model.
This spike coincided with a sharp rejection of resistance near $1.60 and critical support established at $1.52, according to the model.
The pattern showed that price then recovered to repeatedly test the $1.59 to $1.60 resistance zone on falling volume, forming a consolidation pattern with support holding above $1.55 over the past few hours.
Technical analysis:
- Primary Resistance: $1.59-$1.60 area tested multiple times on falling volume, indicating exhaustion
- Critical support: $1.52 established during a peak low with volume of 7.30 million
- 24-hour participation: 30% above 30-day moving average, below high interest threshold
- Breakout Failure: Two-Minute Jigsaw from $1.561 to $1.57 and Back Suggests Algorithmic Activity
- Retesting Falling Volume: Multiple Attempts at $1.59-$1.60 Resistance on Falling Participation
- Downside Risk: A Support Breakdown Below $1.52 Exposes Limited Technical Structure
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.
