Filecoin Falls 7% Amid Increased Selling and Market Volatility
Filecoin (FIL) experienced a 7% decline within 24 hours, dropping from $2.39 to $2.23. This represents a volatility of 7.9%, as per CoinDesk Research's analysis.
- Sellers controlled the $2.41 resistance level, leading to increased transaction volume at 5.92 million tokens, exceeding the daily average of 3.42 million.
- Bulls defended the $2.23 support level, with volumes surpassing 4.8 million during spikes.
- Classic capitulation patterns appeared, suggesting possible base formation above the critical $2.23 level.
- The cryptocurrency traded lower by 5.1% at approximately $2.26 recently.
- The broader crypto market also saw declines, with the CoinDesk 20 index falling by 3.6%.
Technical Analysis:
- Sellers effectively resisted price advances at the $2.41 level, prompting high-volume rejections.
- Bulls held the $2.23 support during tests, indicating strong defense.
- Trading activity surged past 5.92 million during peak sell-offs.
- Volatility reduction and stabilization indicate potential seller fatigue.
- A new consolidation zone has formed around $2.25 post-recovery.