Filecoin Plunges Over 10% Amid Broad Crypto Sell-Off
Filecoin dropped sharply over the past 24 hours, falling more than 10% to $1.46, underperforming the wider cryptocurrency market as the CoinDesk 20 Index fell nearly 7%.
CoinDesk Research’s technical model shows the token declined from $1.62, forming a $0.16 intraday range with 11% volatility. Trading volume surged 32.7% above the seven-day average, signaling strong selling pressure.
Peak liquidation occurred around midnight UTC, with 20 million in volume—more than four times the 24-hour simple moving average. The token broke below $1.58 support, while resistance formed near $1.47. Consecutive lower highs from the $1.6385 peak reinforced the downward momentum, culminating in capitulation near $1.46.
The model suggests potential stabilization as selling pressure eases. Analysts highlight that immediate resistance at $1.47 is key to preventing further declines, while reclaiming $1.58 is critical for a broader recovery. If support fails, Filecoin could face further downside toward $1.40.
Technical Summary:
- Broke $1.58 support; resistance now near $1.47
- 24-hour volume rose 32.7% above 7-day average
- Peak selling volume: 19.97M (318% above SMA)
- Zero-volume consolidation in final hour suggests exhaustion
- Stabilization forming around $1.46
- Immediate resistance at $1.47 critical
- Recovery depends on reclaiming $1.58
- Downside target: $1.40 if support fails
