What You Should Know:
- Filecoin has seen a 14% increase as the broader crypto market rallies.
- Significant support has emerged around the $2.24-$2.25 range.
Filecoin (FIL) has recently shown notable strength, with its price climbing from $2.051 to a high of $2.3478 in the last 24 hours, as per analysis from CoinDesk Research. Strong support levels around $2.24 and $2.25 have been confirmed through several tests, with price movements repeatedly bouncing back higher.
As of recent trading, FIL was approximately 13.6% up, nearing $2.35. The broader CoinDesk 20 index indicated an overall rise of 8.7% at the time of publication.
Technical Insights:
- The price movement has established a clear upward trend featuring higher lows and highs, especially prominent during the 22:00 hour on June 23, when it surpassed $2.27 on significantly above-average volume.
- The consistent support level near $2.24-$2.25 has been reinforced by multiple price tests.
- Consolidation patterns between $2.27-$2.30 suggest accumulation before a potential forthcoming upward move, with $2.31 acting as immediate resistance.
- Recent fluctuations demonstrated notable volatility, underscored by a consolidation pattern that proceeded a significant price shift.
In the last hour, trading activity was concentrated between $2.29-$2.30 before a brief dip to $2.28 around 15:41, where a new support level was formed at $2.285. Trading volume surged during this correction, highlighting robust market engagement. The final minutes displayed a remarkable recovery, with prices soaring back above $2.29, topping at $2.301 shortly after, signaling a resurgence in bullish sentiment even after earlier fluctuations.
