Archivecoin fell 2% to $1.28 during Tuesday’s session, following broader crypto market flows rather than responding to token-specific catalysts.
The token’s price action remains closely tied to crypto market sentiment, according to CoinDesk Research’s technical analysis model. According to the model, this close correlation indicates that large order flows are driving price movements rather than Filecoin fundamentals.
The broader crypto market indicator, the CoinDesk 20 Index, was 0.6% lower at press time.
Filecoin trading volumes reinforce the consolidation theme, with 24-hour activity 7.3% above weekly averages, indicating measured participation, according to the model.
The model also showed that volume patterns support range-bound trading as participation does not reach breakout thresholds. The measured rally suggests accumulation rather than aggressive positioning that typically precedes major directional moves.
Technical analysis:
- Primary support remains at $1.27, while resistance remains firm at $1.35 from volume-driven peaks.
- 24-hour activity 7% above the weekly average shows continued participation from large holders, with volume increasing 85% during the test of $1.35 confirming key resistance.
- The formation of higher lows of $1.266 to $1.276, within a range of $0.087, indicates an accumulation phase.
- The immediate upside target lies in the $1.285-$1.290 area depending on the extent of the range, with broader resistance at $1.35 requiring increased volume to be overcome.
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.
