Filecoin FIL has established a higher trading range amid significant market volatility, with multiple price bounces confirming support levels around $...
Filecoin FIL has established a higher trading range amid significant market volatility, with multiple price bounces confirming support levels around $2.68-$2.69, according to CoinDesk Research’s technical analysis model.
The token is currently 3.6% higher over 24 hours, trading around $2.755.
The price action comes as ether ETH whales return to the market, potentially signaling the start of renewed interest in alternative cryptocurrencies.
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The broader market gauge, the CoinDesk 20, was 0.8% higher at publication time.
Technical Analysis:
- FIL-USD demonstrated resilient price action over the 24-hour period, establishing a trading range of 2.642-2.735 (3.52% range).
- Notable support at 2.680-2.690 confirmed by multiple bounces.
- The 12:00 hour marked a pivotal moment with exceptional volume (4.12M), more than double the period average.
- Bullish momentum maintained through subsequent hours, with price consolidating above 2.710.
- In the last hour, FIL-USD exhibited notable volatility with a significant price swing, reaching a peak of 2.735 at 13:28 before dropping to 2.713 by 13:32.
- The slip coincided with the highest volume spike of the period (104,483 units), suggesting strong selling pressure at resistance levels.
- Asset has since established a consolidation pattern between 2.718-2.722, with multiple tests of support around 2.718 showing buyer interest.
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