What You Need to Know

• Filecoin (FIL) has surged up to 9% within the last day, reflecting bullish trends in the cryptocurrency market.
• The cryptocurrency has established robust support around the $2.40 mark, even amidst general market fluctuations.
• On July 3, an informal networking event for Filecoin is scheduled in Cannes coinciding with EthCC.

Market Performance

Filecoin climbed from $2.24 to $2.44, showing considerable trading volume support at the $2.30 level, as per CoinDesk Research’s technical tools.

Recent activity has seen FIL consolidating around $2.395, showcasing a 6.4% increase within 24 hours. The CoinDesk 20 index also demonstrated a solid uptick, rising by 3.9%.

Technical Insights

• The price has fluctuated between $2.24 and $2.44, amounting to an 8.5% range.
• Significant trading activity occurred around 16:00 on July 2, triggering a surge of 5.2% with high volume reaching 11 million units.
• Following the peak of $2.44 on July 3 at 07:00, FIL faced selling pressure establishing resistance just above $2.40.
• During the active trading hour from 11:50 to 12:49 on the same day, the token saw volatility, reaching $2.42 before a 4.5% drop to $2.37.