coindesk.com 
Storage token Filecoin FIL$1.5218 fell 3.6% over the last 24 hours, tracking weakness in the wider cryptocurrency market.
The broader market gauge, the CoinDesk 20 index, was also 3.6% lower at publication time.
Filecoin's volume ran 30% above the 30-day moving average, though participation failed to breach elevated thresholds that typically confirm directional conviction, according to CoinDesk Research's technical analysis model.
The model showed that the token exhibited range-bound volatility. Total range measured $0.08 (5.0%) with a session high of $1.61 and low of $1.52.
The most significant volume event materialized yesterday evening when participation spiked to 7.30 million, 95% above the 24-hour simple moving average of 3.74 million, according to the model.
This spike coincided with sharp downside rejection from resistance near $1.60 and established critical support at $1.52, the model said.
The model showed that price subsequently recovered to retest the $1.59-$1.60 resistance zone multiple times on declining volume, forming a consolidation pattern with support holding above $1.55 through the final hours.
Technical Analysis:
- Primary resistance: $1.59-$1.60 zone tested multiple times on declining volume, indicating exhaustion
- Critical support: $1.52 established during spike low with 7.30 million volume
- 24-hour participation: 30% above 30-day moving average, below elevated interest threshold
- Failed breakout: Two-minute whipsaw from $1.561 to $1.57 and back suggests algorithmic activity
- Declining volume retests: Multiple attempts at $1.59-$1.60 resistance on diminishing participation
- Downside risk: Support breakdown below $1.52 exposes limited technical structure
