Filecoin Struggles After Support Breach, Hovering Near Key $2.42 Level
Filecoin’s recent price action reflects rising bearish sentiment as the token fell 5.8% over the past 24 hours, marking a drop from $2.569 to a low of $2.406. While it managed to recover slightly to $2.425, the technical breakdown below $2.52 is a key concern for traders eyeing trend direction.
The steepest part of the decline occurred between 22:00 and 00:00 UTC, driven by a surge in sell-side volume. Price action during this phase revealed institutional-scale distribution, with over 7 million FIL traded.
On the flip side, support began forming around $2.41–$2.42, where a small but aggressive V-shaped rebound took price back up to $2.427. This bounce was accompanied by over 55,000 FIL in volume, signaling strong, if short-lived, buying interest.
However, rejection wicks near $2.420 and fading volume indicate hesitation at current levels. Until bulls reclaim ground above $2.45, momentum remains tilted to the downside.
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