What to know:
- FIL lost its previous gains after failing to breach the $2.50 resistance level.
- Support is found in the range of $2.41 to $2.42.
Filecoin FIL remained mostly stagnant in the last 24 hours, trading within an $0.08 margin that reflects a volatility rate of 3.3%, fluctuating between $2.41 and $2.50, as per CoinDesk Research’s analytical model.
The analysis revealed a distinct V-shaped recovery pattern, where the asset initially fell from $2.44, testing supportive levels around $2.41-$2.42 during overnight sessions, before making a robust comeback that peaked at $2.50 in the morning.
Selling pressure appeared as the asset approached the $2.50 resistance, with institutional trading volumes reaching 4.7 million tokens. Meanwhile, the $2.41-$2.42 price band showcased solid institutional support through multiple testing events, with trading volumes surpassing the 24-hour average of 2.80 million tokens.
Currently, FIL is trading at $2.43, reflecting a 0.3% decrease over the past day. The overall cryptocurrency market also faced downturns, with the broader market index, the CoinDesk 20, down by 0.8%.
Technical Analysis:
- V-shaped recovery showed during the latest 24-hour trading cycle.
- Strong support identified at $2.41-$2.42 due to several successful tests.
- Significant resistance seen at the $2.50 institutional level, with high volume.
- Above-average institutional trading volume documented at 4.70 million during key resistance evaluations.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed for accuracy by our editorial team.
