Archivecoin fell 2.2% in 24 hours, falling from $1.32 to $1.29 as technical sellers dominated the price action.
The decentralized storage token established a clear bearish channel pattern with successive lower highs confirming downward momentum across the entire 5 cent trading range, according to CoinDesk Research’s technical analysis model.
The model showed that volume activity told the real story. Trading soared to 7.59 million tokens yesterday evening, 180% above the 24-hour average.
This increase coincided with selling at the resistance level of $1.33, which marks a clear institutional distribution, according to the model.
With no fundamental catalysts driving price action, technical levels became the main battleground. The rapid recovery from the $1.28 support demonstrates that institutional buyers remain active despite the prevailing bearish channel structure, according to the model.
FIL’s weakness came amid a decline in broader crypto markets. The CoinDesk 20 index was 3.1% lower at press time.
Technical analysis:
- Critical support remains at $1.28 after intraday liquidation event
- Key resistance barrier at $1.33 where institutional selling emerged
- Peak volume at 7.59 million tokens confirms major distribution activity
- Descending channel pattern shows successive lower highs confirming bearish trend
- V-Shaped Reversal from $1.28 Demonstrates Institutional Accumulation Appetite
- Immediate upside target between $1.31 and $1.32 offers 3.5% upside potential
- A break below key support at $1.28 paves the way for an extension at $1.26
- Current risk/reward favors long positioning with stops below $1.2800
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
