Filecoin Slides Over 10% as Crypto Markets Turn Lower
Filecoin fell more than 10% to $1.46 over the past 24 hours, underperforming the broader cryptocurrency market, with the CoinDesk 20 Index dropping nearly 7%.
CoinDesk Research’s technical model noted that Filecoin declined from $1.62, forming an intraday range of $0.16 and 11% volatility. Trading volume spiked 32.7% above the seven-day average, reflecting heavy selling pressure.
Peak liquidation hit around midnight UTC, with 20 million in volume—over four times the 24-hour simple moving average. The token broke below $1.58 support, while resistance emerged near $1.47. Consecutive lower highs from the $1.6385 peak drove momentum downward, culminating in capitulation near $1.46.
The model suggests potential stabilization as selling pressure eases. Analysts note that holding $1.47 is key to avoiding further losses, while reclaiming $1.58 is necessary for recovery. If support fails, Filecoin could slide toward $1.40.
Key Technical Points:
- Broke $1.58 support; immediate resistance at $1.47
- 24-hour volume surged 32.7% above 7-day average
- Peak selling volume: 19.97M (318% above SMA)
- Final-hour zero-volume consolidation signals potential exhaustion
- Stabilization forming around $1.46
- Recovery hinges on reclaiming $1.58
- Downside risk toward $1.40 if support fails
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