Filecoin Tumbles 6% as Sellers Dominate and Crypto Market Retreats
Filecoin Declines 5.6%, Finds Support Near $2.50 Amid Crypto Market Weakness
Filecoin (FIL) fell 5.6% over the past 24 hours, dropping from $2.66 to around $2.51, according to technical analysis by CoinDesk Research. The token experienced notable volatility during this period, with intraday price swings reaching 7.52%.
The decline in Filecoin aligns with broader weakness in the crypto market, where the CoinDesk 20 index was recently down 3.8%.
Despite the price drop, Filecoin continues to advance its technology, recently announcing a partnership with Avalanche. The collaboration aims to improve smart contract efficiency and enhance data storage capabilities, signaling ongoing development in the decentralized storage space.
As of the latest session, FIL was trading near $2.51, maintaining its 5.6% loss over the previous day.
Technical Analysis Highlights:
- Price Movement: FIL slid from $2.66 to $2.51, marking a 5.6% decrease.
- Key Levels: Resistance has formed around $2.66, with support identified near $2.50.
- Intense Selling Window: The heaviest selling occurred between July 14, 14:00 UTC and July 15, 03:00 UTC, pushing prices from $2.65 down to $2.46.
- Volume Spikes: Trading volumes surged during the downturn, notably between 02:00 and 03:00 UTC on July 15, when volumes topped 6.3 million.
- Two-Phase Price Action: The price pattern showed initial consolidation followed by a rebound beginning around 09:01 UTC.
- Institutional Activity: Interest emerged at lower levels, with trade volumes exceeding 71,000 at 09:19 UTC.
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