Things to know: FIL dropped 4% within 24 hours, reaching a low of $1.23 before starting to rebound. At the critical moment of breaking below the $1.30 support level, trading volume surged by 185%.
According to CoinDesk Research's technical analysis model, Filecoin FIL$1.2760 fell 4.2% on Tuesday to $1.28, with significant market volatility as traders drove a sharp reversal amid a broader market decline.
The model shows that the decentralized storage token has established a bearish price trend, with a $0.08 range representing 6.3% volatility.
According to the model, trading volume was 12.75% higher than the seven-day average. The peak was 11.7 million tokens, 85% higher than the 24-hour average of 2.81 million.
This surge confirmed the token's break below the psychological price level of $1.30.
The broader crypto market also saw a decline. The CoinDesk 20 Index was down 3.7% at the time of publication.
Technical Analysis:
- The main support level is at $1.278, with resistance near $1.285 limiting upward movement, forming a tight $0.007 trading range.
- During the break below $1.30, a 185% surge in trading volume confirmed institutional participation, while normalized evening trading activity indicated a consolidation phase, according to the model.
- Classic support-resistance dynamics appeared, with a rapid sell-off immediately followed by a swift rebound, indicating buyer interest at lower levels.
- The short-term range is between $1.278 and $1.285; until the $1.30 psychological level is reclaimed, the broader 24-hour bearish trend remains intact.
