fell as much as 7% in the last 24 hours, falling from $2.39 to $2.23, according to CoinDesk Research’s technical analysis model.
The model showed that the token recorded a range of $0.19, representing a volatility of 7.9%.
Sellers dominated at the $2.41 resistance level as trading volume soared to 5.92 million tokens traded, crushing the daily average of 3.42 million. The bulls defended the support at $2.23, with volume exceeding 4.8 million, according to the model.
Classic capitulation patterns emerged when exhausted selling signaled a possible base formation above the critical floor of $2.23, according to the model.
In recent trading, Filecoin is down 5.1%, around $2.26.
The broader crypto market also declined, with the overall market indicator, the CoinDesk 20, falling 3.6%.
Technical analysis:
- Sellers defended the $2.41 resistance level, leading to a massive increase in volume and price rejection.
- The bulls mounted defense at the $2.23 support during multiple intraday tests and volume spikes.
- Trading activity soared to over 5.92 million during peak sales, well above the benchmark average of 3.42 million.
- The textbook capitulation emerges with a violent sell-off followed by a rebound pattern of immediate relief.
- Volatility compression and price stabilization suggest that seller exhaustion may be approaching critical levels.
- A new consolidation zone forms around $2.25 following a dramatic recovery from the intraday massacre.
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. our standards. For more information, see CoinDesk’s full AI policy.
