Filecoin gave up earlier gains to trade down 1% over the past 24 hours. as the storage token has underperformed the broader crypto markets.
The market’s broader index, the CoinDesk 20 Index, was slightly higher at press time, trading up 0.2% at 2,662.
Trading volatility intensified as the session progressed, with FIL establishing a range of $0.08 representing 6.4% of the market value, according to CoinDesk Research’s technical analysis model.
The model showed peak volume was 6.36 million tokens, 140% above the 24-hour average, propelling a sharp rise from $1.22 to $1.26 before meeting resistance at $1.266.
The final hour of trading revealed a dramatic reversal as FIL fell from $1.266 resistance, accelerating into a sharp selloff that sent prices from $1.261 to $1.20, according to the model.
The pattern showed massive volume spikes exceeding 497,000 tokens, confirming institutional selling as the token crossed multiple support levels.
Technical analysis:
- Primary resistance capped at $1.266 after failed breakout attempts; Support zone established between $1.201 and $1.207 following breakdown
- Institutional activity peaked at 6.36 million tokens, driving the initial surge; liquidation volume reached 497,000 during reversal
- Structure limited to a range with a total bandwidth of $0.08 (6.4%); breaking resistance confirmed inability to sustain higher levels
- The trading floor emerged at $1.207, aligned with session lows, suggesting potential stabilization near current levels.
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.
