Filecoin (FIL) dipped 0.3% to $1.48 on Wednesday, underperforming the broader crypto market, as the CoinDesk 20 index climbed 2.2%.
Trading volume surged nearly 50% above the weekly average, signaling heightened market activity. CoinDesk Research’s technical model showed FIL consolidating within a $0.11 range—roughly 7.5% of its value—highlighting relative weakness versus broader crypto gains and a potential distribution pattern, where sellers meet increased demand at current levels.
Technical Overview:
- Support confirmed at $1.48 through repeated demand tests.
- Resistance set at $1.59 after a Dec. 9 volume spike.
- 24-hour volume exceeded the 7-day average by 50%, suggesting institutional interest.
- Volume spikes above 150,000 tokens per minute align with $1.48 support.
- A declining channel formed with lower highs from $1.58 to $1.49.
- Consolidation establishes a 7.5% trading range.
- Upside target at $1.49, with potential extension to $1.59.
- Downside risk limited by $1.48 support.
FIL remains in a phase of volatile consolidation, with strong trading activity signaling significant market participation despite modest price movement.
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