Filecoin slipped 0.3% to $1.48 over the past 24 hours as the token underperformed broader crypto markets.
The broader market index, the CoinDesk 20 Index, was up 2.2% at press time.
FIL consolidated with a range of $0.11 representing 7.5% of the token’s value, according to CoinDesk Research’s technical analysis model.
The critical development arose from Filecoin’s relative weakness compared to broader crypto markets, according to the model.
The surge in volumes proved particularly significant, with activity exceeding thresholds that typically accompany larger price movements.
The model shows that the disconnect between high volume and modest gains often indicates distribution patterns, in which sellers respond to increased demand at current levels, creating a balance between competing forces.
Technical analysis
- Critical support holds at $1.48 with consistent validation of the demand zone
- Strong resistance confirmed at $1.59 after December 9 volume peak
- 24-hour activity exceeds 7-day average by 50%, indicating institutional interest
- Volume spikes above 150,000 tokens per minute coincide with tests of $1.48 support
- Declining channel shapes with lower highs of $1.58 to $1.49 following the rise
- Volatile Consolidation Sets 7.5% Range Over 24 Hour Period
- Upside targets resistance at $1.49 with potential to extend towards $1.59
- Downside risk limited by proven demand at $1.48 support 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 policy.
