Filecoin Retreats After Brief Rally, Finds Support Around $2.28
Filecoin (FIL) experienced a volatile trading session on June 29, briefly rallying over 6% before encountering heavy resistance at the $2.41 level, according to CoinDesk Research’s technical analysis.
The token surged from $2.31 to $2.41 during a volume-driven spike, but the upward momentum quickly faded as sellers stepped in near resistance. Analysts identify $2.41 as a key barrier, capping further upside for now.
On the downside, a consistent support zone has formed between $2.27 and $2.28, where buyers repeatedly entered the market during price dips, helping stabilize FIL through the session.
As of the latest update, Filecoin was trading at $2.325, up 1.8% in the past 24 hours. The broader market, represented by the CoinDesk 20 Index, showed similar strength, rising 1.9% during the same period.
Technical Highlights
- Filecoin jumped 6.05% during the 22:00 UTC hour on June 29, moving from $2.31 to $2.41 as volume surged to 7.6 million FIL.
- Strong resistance emerged at $2.41, creating a narrow trading range of $0.14 (5.97%) over 24 hours.
- A horizontal support base formed between $2.27–$2.28, with steady buying activity seen during consolidations.
- FIL entered a descending channel, falling to $2.29 by 18:33 UTC before recovering toward $2.30 at close.
- Two key volume spikes—at 18:32 (72.7K FIL) and 18:46 (70.3K FIL)—suggest possible institutional buying near the $2.295 level.
While Filecoin remains supported at the lower end of its range, traders are closely watching whether the token can mount another test of the $2.41 resistance or settle into a longer consolidation phase.
