Filecoin rose 2% to $1.57 in the past 24 hours, posting modest gains that tracked broader cryptocurrency market movements.
The market’s broadest indicator, the CoinDesk 20 index, rose 1.6%.
The token’s volume remained low, just 9.7% above the seven-day averages, according to CoinDesk Research’s technical analysis model.
The price action showed Filecoin’s persistent correlation with broader crypto markets. The token recorded just an idiosyncratic 1% movement compared to the broader digital asset complex, well below the 5% threshold indicating independent price discovery, according to the model.
According to the model, technical factors dominated trading with no Filecoin-specific catalysts driving sentiment.
The model showed that the token built an ascending trend line for most of the session with higher lows at $1.5249, $1.5537, and $1.5581.
Resistance emerged around the $1.59 level.
Technical analysis:
- Primary resistance is at $1.59 with multiple rejections; immediate support at $1.57
- Peak trading activity of 8 million occurred during midday volatility; The breakdown at the end of the session showed a volume increase of 259,489
- Ascending trend line negated by late-breaking reversal; The consolidation range of $0.0683 represents 4.4% of the trading value.
- A drop below $1.556 points to further decline, while a recovery to $1.58 is needed to restore bullish momentum
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.
