Archivecoin gave back earlier gains to trade 1% lower in the last 24 hours. as the storage token underperformed the broader crypto markets.
The broader market gauge, the CoinDesk 20 Index, was slightly higher at press time, trading up 0.2% at 2,662.
Trading volatility intensified as the session progressed, with FIL establishing a range of $0.08 representing 6.4% of the market value, according to CoinDesk Research’s technical analysis model.
The model showed that the maximum volume was 6.36 million tokens, or 140% above the 24-hour average, which fueled a strong rally from $1.22 to $1.26 before encountering resistance at $1.266.
The final hour of trading revealed dramatic reversal action as FIL fell from resistance at $1.266, accelerating towards a sharp sell-off that drove prices from $1.261 to $1.20, depending on the model.
The model showed massive volume spikes exceeding 497,000 tokens, confirming institutional selling as the token cascaded through multiple support levels.
Technical analysis:
- Primary resistance capped at $1,266 after failed breakout attempts; Support zone established between USD 1,201 and USD 1,207 after breakout
- Institutional activity peaked at 6.36 million tokens, fueling the initial surge; The liquidation volume reached 497,000 during the reversal.
- Limited range structure with total bandwidth of $0.08 (6.4%); The breakout of resistance confirmed the impossibility of maintaining higher levels.
- The trading floor emerged at $1,207 aligned with the lows of the session range, suggesting possible stabilization near current levels.
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.
