Filecoin Experiences 6% Drop, Breaches $2.38 Support Level
Filecoin (FIL) experienced significant volatility with a trading range exceeding 6% in the last 24 hours, as indicated by CoinDesk Research's technical analysis model.
Key points include:
- FIL broke critical support at $2.38 on high trading volume.
- The AI platform SingularityNET selected Filecoin for metadata storage via Lighthouse.
- FIL is currently trading around $2.36, down 4.6% over the past day.
- The broader crypto market, represented by the Coindesk 20, declined by 3.6%.
- Technical indicators show significant bearish momentum and a descending channel pattern formed in the last hour of trading.
- Volume surged to 7.54 million, indicating potential institutional selling.
- Despite recent declines, FIL showed recovery signals, rising to $2.35 with strong purchasing interest and a peak volume of 91,211 shares.