Archivecoin It crashed into critical support levels and fell 10% to $2.34 in 24 hours, according to CoinDesk Research’s technical analysis model.
The model showed that strong selling pressure exceeded buyers’ requests as consecutive lower highs confirmed a technical breakout pattern.
Trading volume skyrocketed to 21 million tokens, up 137% from the 24-hour average of 8.9 million, according to the model.
FIL broke key support at $2.50 and $2.40 as institutional-sized orders triggered a stop loss cascade, according to the model.
Technical analysis:
- Primary support remains at the previous low of $2.35, with broken levels of $2.40 and $2.50 now serving as overhead resistance.
- The exceptional volume of 21 million tokens (137% above the 8.9 million simple moving average) confirms the validity of the breakout with institutional participation patterns.
- Clear bearish trend formation with consecutive lower highs from $2.67 resistance, confirming bearish momentum structure
- Immediate bearish target at psychological level of $2.30, while recovery requires reclaiming broken support zone of $2.40
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.
