Overview

Filecoin experienced a notable drop of 5% over the past 24 hours after it breached a vital support level at $2.54. The decline has been attributed to emerging bearish momentum, as indicated by CoinDesk Research’s technical analysis.

Market Trends

The CoinDesk 20 Index, which measures broader market movements, also fell by 2.6% during the same timeframe. This indicates a trend of caution in the market, influenced by macroeconomic conditions affecting both traditional and digital assets.

Key Insights

• Filecoin’s price declined from $2.62 to $2.50, a 4.87% decrease.
• Significant volume surges were noted during the 07:00 and 13:00 hours, coinciding with a strong rejection at the $2.55 resistance level.
• The cryptocurrency’s bearish trend continued with a drop from $2.55 to $2.50, reflecting a 1.95% fall in the last hour.

Conclusion

Momentum indicators signal ongoing weakness in Filecoin’s price, pointing towards potential further declines to the $2.48-$2.45 range.