
Crypto/Market Analysis
Filecoin Faces Significant Decline, Breaks Critical Support at $2.38
Filecoin has dropped over 6%, surpassing the critical support threshold at $2.38 amidst bearish trading momentum.
1 min read
What to know:
- Filecoin dropped more than 6% on Friday.
- The token broke key support at the $2.38 level.
Filecoin (FIL) demonstrated notable volatility during the last 24 hours with a trading range exceeding 6%, reflecting significant bearish momentum according to market analytical tools. The price broke through critical support at $2.38, evidenced by increased trading volume.
Technical Analysis:
- The cryptocurrency experienced sustained bearish pressure over the past day.
- A critical support level was surpassed during overnight trading sessions, with transaction volume reaching 7.54 million, indicating institutional trading motives.
- A descending channel pattern was formed in the last hour of trading.
- The failed recovery attempts suggest a continuation of downward pressure on the price.
- However, there were some recovery signals in the final hour, as the price slightly advanced to $2.35 with heightened buying interest and transaction volumes hitting a peak.
Filecoin’s recent price evolution is indicative of overall market trends, with a broader decline observed within the cryptocurrency landscape.