Filecoin fell 4.2% to $1.28 on Tuesday amid significant volatility as traders caused sharp reversals during a broader market decline, according to CoinDesk Research’s technical analysis model.
The model showed that the decentralized storage token established a bearish price trend with a range of $0.08 representing 6.3% volatility.
Volume was 12.75% higher than the seven-day average, according to the model. The peak of 11.7 million tokens was 85% higher than the 24-hour average of 2.81 million.
The spike confirmed the token’s breakout below the psychological support price of $1.30, the model said.
Broader crypto markets also fell. The CoinDesk 20 Index was down 3.7% at press time.
Technical analysis:
- Main support lies at $1.278 with resistance capping advances near $1.285, creating a tight trading range of $0.007.
- The 185% volume surge during the $1.30 breakdown confirmed institutional participation, while normalized late session activity suggests a consolidation phase, according to the model.
- A classic support-resistance dynamic emerged with a rapid capitulation followed by an immediate rally rebound, indicating buyer interest at lower levels.
- Short-term range between $1.278 and $1.285 with broader 24-hour downtrend intact until recovery of the psychological $1.30 level
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 Po.licy.
