Filecoin (FIL) Breaks Key Support at $2.54, Faces Further Downside Pressure
Filecoin (FIL) dropped 4.87% over the past 24 hours, slipping below a critical support level at $2.54 amid accelerating bearish momentum, according to CoinDesk Research’s technical analysis.
The broader market also experienced weakness, with the CoinDesk 20 Index falling 2.6% during the same period, reflecting ongoing uncertainty as investors reassess risk amid complex global economic conditions.
Technical Highlights:
- FIL’s price declined from a high of $2.62 to a low of $2.50, a 4.87% range within 24 hours.
- Volume surged notably at 07:00 and 13:00 UTC, with the latter coinciding with a strong rejection at the $2.55 resistance level, confirming sustained selling pressure.
- The break below the $2.54 support zone—previously tested multiple times—signals further downside risk.
- FIL’s bearish momentum continued in the last hour, falling 1.95% from $2.55 to $2.50.
- A brief consolidation attempt near $2.55 gave way to a sharp breakdown at 13:31 UTC.
- Significant selling volume (108,967 units) at 13:45 UTC pushed prices down nearly 1%.
- Repeated attempts to establish support around $2.51 failed as selling pressure persisted.
Momentum indicators suggest continued weakness, with potential further declines targeting the $2.48 to $2.45 range.
