Filecoin Posts 6% Rebound Amid Increased Institutional Interest
Filecoin (FIL) rebounded by 6% from its 24-hour lows, closing at $2.31 after a low of $2.15. Key highlights include:
- FIL showed a 6.4% rebound, indicating potential accumulation and trend reversal momentum.
- Trading volume was 75% above the 30-day average, suggesting increased institutional interest.
- Strong support levels established during the rebound.
- The broader crypto market, represented by the Coindesk 20, declined by 2.1% during this period.
- Current trading price for FIL is approximately $2.31, up by 0.9% over 24 hours.
Technical Analysis:
- Price fluctuated between $2.31 peak and $2.15 trough within 24 hours.
- A sharp decline occurred on Aug. 25, with heavy volume establishing support at $2.15.
- Recovery pattern shows a bounce to $2.28, reinforcing accumulation signals.
- A breakout above $2.27 on Aug. 26 led to sustained buying pressure.
- Final rally from $2.27 to $2.89 confirmed by elevated trading volume exceeding 150,000 tokens.
- Consolidation around $2.27 support zone noted until 11:47 a.m. UTC.