Filecoin Drops 5.6% Amid Broader Crypto Sell-Off, Support Holds Around $2.50
Filecoin (FIL) fell by 5.6% over the past 24 hours, declining from $2.66 to approximately $2.51, according to CoinDesk Research’s technical analysis. The token recorded significant intraday volatility, with price swings reaching 7.52% during the session.
The drop in Filecoin coincided with a broader pullback across the crypto market, where the CoinDesk 20 index was recently down 3.8%.
Despite the price slide, Filecoin announced a new partnership with Avalanche, focusing on enhancing smart contract capabilities and optimizing data storage solutions—demonstrating ongoing development momentum for the decentralized storage network.
In recent trading, FIL remained lower at around $2.51, reflecting the full 5.6% decline over the prior day.
Technical Analysis Snapshot:
- Price Move: FIL dropped from $2.66 to $2.51, posting a 5.6% loss.
- Key Levels: Resistance has developed at $2.66, with support established near $2.50.
- Heavy Selling Period: The most intense sell-off occurred between July 14, 14:00 UTC and July 15, 03:00 UTC, driving prices down from $2.65 to $2.46.
- Volume Surge: Trading activity spiked significantly during the downturn, particularly between 02:00 and 03:00 UTC on July 15, with volumes exceeding 6.3 million.
- Price Pattern: A two-phase move emerged, featuring initial consolidation followed by an upward push beginning at 09:01 UTC.
- Institutional Interest: Buying interest appeared at lower price levels, with volumes surpassing 71,000 at 09:19 UTC.
