Filecoin fell 0.2% to $1.37 in the last 24 hours as the token underperformed the broader crypto markets.
The broader market gauge, the CoinDesk 20 index, was 3% higher at press time.
FIL trading activity increased 29% above the seven-day average, indicating increased institutional interest, according to CoinDesk Research’s technical analysis model.
Elevated volumes suggested smart money repositioning, with buyers stepping in at key technical levels, the model showed.
Filecoin traded at a session high of $1,397 before distribution pressure increased over the past hour, according to the model.
The move established new short-term resistance near $1.40 and support at $1.36.
Technical analysis:
- Resistance formed at session high of $1.40
- Trading activity peaked at 5.9 million tokens during 9pm on December 11, 68% above the 24-hour averages.
- The distribution pressure of the last hour generated a volume of 642,087 tokens during the breakdown sequence.
- Higher lows at $1.3577 and $1.3661 suggested underlying accumulation despite sector headwinds.
- Immediate bullish targets at the $1.3975 resistance and $1.40 psychological level.
- Downside risk extended to $1.39 at the opening of the session, with a major support zone starting near $1.36 from the previous consolidation low.
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.
