Filecoin Drops 5.6% as Crypto Market Retreats; Support Holds Around $2.50
Filecoin (FIL) saw its price tumble by 5.6% over the past 24 hours, falling from $2.66 to approximately $2.51, according to CoinDesk Research’s technical analysis. The token experienced significant volatility during the session, with intraday swings reaching 7.52%.
The decline in FIL mirrors the broader weakness across the crypto market, where the CoinDesk 20 index recently registered a 3.8% drop.
Despite the downturn, Filecoin remains active on the development front, recently announcing a partnership with Avalanche aimed at enhancing smart contract execution and improving data storage solutions for decentralized applications.
At last check, FIL was trading around $2.51, reflecting the 5.6% decline from the prior day’s levels.
Technical Snapshot:
- Price Decline: FIL dropped from $2.66 to $2.51, a 5.6% fall.
- Key Levels: Resistance has formed at $2.66, with support evident near $2.50.
- Peak Selling Period: The heaviest selling occurred between July 14, 14:00 UTC and July 15, 03:00 UTC, as prices slipped from $2.65 to $2.46.
- Volume Surge: Trading activity surged during the decline, particularly from 02:00 to 03:00 UTC on July 15, with volumes exceeding 6.3 million.
- Price Movement Pattern: The trading session featured a period of sideways movement followed by upward momentum beginning around 09:01 UTC.
- Institutional Interest: Notable buying activity emerged at lower price levels, with trade volumes topping 71,000 at 09:19 UTC.
