Filecoin rose 6% in 24 hours, outpacing gains in the broader crypto market. The broader market gauge, the CoinDesk 20 Index (CD20), added 4.6%.
The storage token carved out a range of $0.19, hitting a high of $1.68 before settling into a narrower band of $1.56 to $1.60, according to CoinDesk Research’s technical analysis model.
The model showed that trading activity exceeded its 30-day average by 109%.
Price formed a series of higher lows from $1.55, with momentum decelerating into a narrow range as volume fell to below-average levels, confirming institutional accumulation at the initial peak, with retail participation fading in the following hours, according to the model.
The close correlation with the broader market shows that the token is currently behaving like a beta play on general crypto sentiment rather than responding to protocol-specific developments, according to the model.
In the absence of clear fundamental factors specific to Filecoin, the technical levels of support at $1.55 and resistance at $1.68 became paramount as the market digested the high volume.
Technical analysis:
- Immediate support established at $1.57 from last hour low, then $1.55
- The 24-hour volume exceeded the 30-day moving average by 109%, signaling high participation.
- Series of higher lows from $1.55, uptrend structure established
- Immediate Upside Target at $1.59-$1.595 Resistance Zone
- Target extended to $1.68, higher over the period if momentum maintains
- The technical structure remains constructive with a high-low trend preserved, suggesting a base construction for a sustained advance towards reclaiming the psychological $1.60 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.
