Filecoin Retraces Some Gains But Trades 2% in the Green

Filecoin Eases After Rally, Holds Support Near $2.28

Filecoin (FIL) saw sharp price swings on June 29, spiking more than 6% before hitting firm resistance at $2.41, according to technical analysis from CoinDesk Research.

FIL initially climbed from $2.31 to $2.41 amid a surge in trading volume, but the rally lost steam as sellers stepped in at higher levels. Analysts point to the $2.41 zone as a significant resistance point that could limit near-term upside moves.

On the flip side, strong buying interest has created a support band between $2.27 and $2.28, helping cushion price dips and maintain market stability during periods of consolidation.

As of the latest reading, Filecoin was trading around $2.325, up 1.8% over the past 24 hours. Meanwhile, the broader crypto market, measured by the CoinDesk 20 Index, posted a 1.9% gain.

Technical Highlights

• Filecoin surged 6.05% during the 22:00 UTC hour on June 29, moving from $2.31 to $2.41 as trading volume spiked to 7.6 million FIL.
• Resistance at $2.41 capped gains, leading to a trading range of roughly $0.14 (5.97%) for the session.
• A clear horizontal support zone has formed between $2.27 and $2.28, where consistent buying has helped stabilize price action.
• Following its peak, FIL slipped into a descending channel, dropping to $2.29 by 18:33 UTC before recovering to close near $2.30.
• Notable volume spikes occurred at 18:32 (72.7K FIL) and 18:46 (70.3K FIL), suggesting possible institutional interest in defending the $2.295 level.

Though Filecoin has held steady above support levels, traders remain focused on whether it can break through the $2.41 resistance or continue consolidating within its current range.