Filecoin climbed 2% to $1.57 over the past 24 hours, posting modest gains that followed broader movements in the cryptocurrency market.
The broader market gauge, the CoinDesk 20 Index, rose 1.6%.
The token’s volume remained subdued at just 9.7% above the seven-day average, according to CoinDesk Research’s technical analysis model.
The price action showed Filecoin’s continued correlation with the broader crypto markets. The token only showed a 1% idiosyncratic move relative to the broader digital asset complex, well below the 5% threshold signaling independent price discovery, according to the model.
According to the model, technical factors dominated trading, with no Filecoin-specific catalyst driving sentiment.
The model showed that the token built an ascending trendline for most of the session with higher lows at $1.5249, $1.5537, and $1.5581.
Resistance appeared around the $1.59 level.
Technical analysis:
- Primary resistance lies at $1.59 with multiple rejections; immediate support at $1.57
- Peak trading activity of 8 million occurred during midday volatility; the breakdown at the end of the session showed a peak volume of 259,489
- Ascending trendline canceled by last hour reversal; $0.0683 consolidation range represents 4.4% of trade value
- A break below $1.556 targets further downside while a recovery to $1.58 is needed to restore bullish momentum.
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.
