Archivecoin It advanced 6% in 24 hours, outpacing gains in the broader crypto market. The market’s broadest gauge, the CoinDesk 20 Index (CD20), added 4.6%.
The storage token carved out a range of $0.19, reaching a high of $1.68 before settling into a narrower band of $1.56-$1.60, according to CoinDesk Research’s technical analysis model.
The model showed that trading activity exceeded its 30-day average by 109%.
The price formed a series of higher lows from $1.55, and momentum slowed to a tight range as volume fell to below-average levels, confirming institutional accumulation during the initial spike and retail participation fading in the following hours, according to the model.
The close correlation with the broader market shows that the token is currently behaving as a beta play on overall crypto sentiment rather than responding to protocol-specific developments, according to the model.
In the absence of clear fundamental drivers specific to Filecoin, technical support levels at $1.55 and resistance levels at $1.68 became paramount as the market digested the high volume.
Technical analysis:
- Immediate support established at $1.57 from the bottom pattern of the last hour, and then at $1.55
- 24-hour volume was 109% above the 30-day moving average, indicating high participation
- Series of higher lows from $1.55 established an uptrend structure
- Immediate bullish target at $1.59-$1.595 resistance zone
- Extended target at period high of $1.68 if momentum continues
- The technical structure remains constructive with a preserved higher-low pattern suggesting the building of foundations for a sustained advance towards recovery of the psychological level of $1.60.
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.
