Filecoin Falls 4.87% After Dropping Below Critical Support Level
Filecoin (FIL) has dropped 4.87% in 24 hours, falling below the critical support level of $2.54, as per CoinDesk Research's technical analysis.
The decline coincides with a 2.6% drop in the CoinDesk 20 Index, reflecting broader market uncertainty.
Technical Analysis:
- Price decreased from $2.62 to $2.50, a decline of $0.127 (4.87%) within 24 hours.
- Volume spikes were noted at 07:00 and 13:00, with resistance at $2.55 leading to selling pressure.
- The breakdown below the $2.54 support indicates potential for further downside.
- In the past hour, FIL fell from $2.55 to $2.50, marking a 1.95% decrease.
- A brief attempt to consolidate around $2.55 was followed by a sharp drop at 13:31.
- High-volume selling occurred at 13:45, contributing to a nearly 1% price drop.
- Attempts to establish support near $2.51 failed, facing consistent selling pressure.
- Momentum indicators suggest continued weakness and potential declines toward the $2.48-$2.45 range.