Faced with intense sales pressure when the token penetrated several support thresholds at $ 2.39, $ 2.37 and $ 2.36 in the midst of exceptionally robust negotiation volumes on Tuesday morning during the American negotiation session, according to the Technical Analysis model of Coindesk Research.
The model has shown that the native cryptocurrency of the decentralized storage network has experienced its most serious contraction during the last hour of negotiation, the obvious panic while the volume reached 530,000 in a singular minute.
The token violated the key support levels in the middle of institutional liquidation and high volume sales, depending on the model.
Last week saw basic protocol updates, new AI initiatives and ongoing preparations for FIL DEV SUMMIT 7, said the network in an article on X.
During recent negotiations, Flecoin was less than 4.4%, or about $ 2.31.
The wider crypto market has also decreased, with the wide market, the Coindesk 20, down 3.4%
Technical analysis:
- Resistance levels at $ 2.41 to $ 2.42 maintained firmness during the first negotiation sessions before subsequent rupture.
- The multiple support thresholds were raped to $ 2.39, $ 2.37 and $ 2.36 indicating technical vulnerability.
- The rise in volume at 5.67 million during the sale confirms institutional liquidation models.
- The volume peak at a minute of 530,000 suggests the sale of panic and the capitulation.
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