Filecoin Breaks Below $2.38 as Bears Take Control
Filecoin (FIL) slipped sharply on Thursday, dropping 4.6% over 24 hours to around $2.36 and falling through critical support at $2.38. The move came amid broader market weakness and increased selling pressure.
According to CoinDesk Research, the token saw a 6% trading range in the period, with volume spiking to 7.54 million as bearish momentum intensified. Technical indicators revealed a descending channel forming late in the session — a classic sign of continued downside risk.
Despite the breakdown, FIL showed some signs of stabilization near the $2.35 level, with renewed buying activity pushing volume to 91,211 in the final hour of trading.
The broader market was also under pressure, with the CoinDesk 20 Index down 3.6%.
In more positive news, SingularityNET selected Filecoin’s Lighthouse protocol for decentralized metadata storage — a nod to the project’s growing infrastructure appeal.
Key Levels:
- Support breached: $2.38
- Intraday low: $2.29
- Current price: ~$2.36
- Resistance to watch: $2.45
