Filecoin edged 2% higher to $1.57 in the last 24 hours, extending a modest advance that moved in lockstep with the broader crypto market. The CoinDesk 20 Index rose 1.6% over the same period, highlighting the sector-wide recovery that helped lift FIL.
Still, activity around the token remained relatively quiet. Trading volume registered just 9.7% above its seven-day average, according to CoinDesk Research’s technical model. The data also showed Filecoin maintaining its tight correlation with the broader market, delivering only 1% idiosyncratic price movement—far below the 5% level that would normally indicate FIL-specific catalysts.
With no fundamental drivers in play, technical factors dictated intraday behavior. Filecoin spent most of the session building a steady upward structure, forming higher lows at $1.5249, $1.5537 and $1.5581 before a late-session pullback disrupted the trend.
Technical Outlook
- Key Levels: Resistance continues to sit at $1.59, where price has been repeatedly rejected. Immediate support holds at $1.57.
- Volume Dynamics: Midday volatility produced the day’s peak 8 million FIL trade count, while a smaller 259,489-token burst marked the late-session reversal.
- Trend & Structure: The ascending trendline that guided much of the session broke during the final hour, placing FIL in a consolidation band representing 4.4% of its value, or $0.0683.
- Path Ahead: A decline below $1.556 increases the risk of further downside, whereas reclaiming $1.58 is required to restore bullish structure and revive momentum.
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