Filecoin Drops 5.8% as Heavy Selling Pressure Breaks $2.52 Support
Filecoin (FIL) experienced a 5.8% decline in the last 24 hours, dropping from $2.569 to $2.406. As of now, it trades at approximately $2.425.
Key points from the technical analysis include:
- Decline marked by heavy selling pressure between 22:00-00:00 UTC with over 7 million units traded.
- Support found in the $2.41-$2.42 range, indicating potential consolidation after the drop.
- Breakdown below the previous support level of $2.52 observed.
- Resistance established at $2.56 due to multiple rejection wicks before the downtrend.
- High-volume selling indicates institutional distribution and risks of further downside unless buyers reclaim $2.45.
- Notable volatility in the last hour showed a recovery attempt, forming a V-shaped pattern.
- Price initially dropped to $2.411 but later rallied to $2.427 with volume peaking at over 55,000 units during the upward movement.
- Current consolidation between $2.415-$2.418 suggests a potential short-term support zone.
- Resistance at $2.420 has multiple rejection wicks, indicating stabilization but caution needed for trend reversal confirmation.