Filecoin Confronts Persistent Selling Pressure as Token Slumps 4%
Filecoin (FIL) faced significant selling pressure, breaking support levels at $2.39, $2.37, and $2.36 due to high trading volumes during the U.S. session.
- The token's most severe price drop occurred in the last trading hour, with a peak volume of 530,000 indicating panic selling.
- Institutional liquidation patterns were observed, accompanied by a volume surge to 5.67 million.
- The price of Filecoin decreased by 4.4%, settling around $2.31.
- The broader crypto market also experienced a decline, with the CoinDesk 20 index down 3.4%.
Recent activities included core protocol updates, AI initiatives, and preparations for the FIL Dev Summit 7.
Technical Analysis:
- Resistance levels at $2.41-$2.42 held firm before the breakdown.
- Panic selling highlighted technical weaknesses as support thresholds were breached.