Filecoin rose 2% to $1.57 over the past 24 hours, extending gains that largely mirrored the broader cryptocurrency rally. The CoinDesk 20 Index advanced 1.6% during the same window, underscoring the sector-wide momentum behind FIL’s move.
Despite the uptick, Filecoin’s trading activity remained relatively muted. Volume came in only 9.7% above its seven-day average, CoinDesk Research’s technical analysis model showed. The data also reinforced how closely FIL continues to track the broader market, with only 1% idiosyncratic price action—well below the 5% threshold that would suggest independent catalysts.
In the absence of Filecoin-specific developments, technical flows guided trading throughout the session. The token carved out an ascending trend, forming successive higher lows at $1.5249, $1.5537, and $1.5581 before momentum faded late in the day.
Technical Breakdown
- Support & Resistance: Filecoin faces firm resistance at $1.59 after repeated rejections. Immediate support holds at $1.57.
- Volume Profile: Peak activity reached 8 million tokens during midday volatility, followed by a 259,489-token burst as price weakened into the close.
- Trend Structure: A previously intact ascending trendline was broken during the final hour, placing FIL in a 4.4% consolidation range spanning $0.0683.
- Next Levels: A move below $1.556 could invite additional downside pressure. Reclaiming $1.58 is essential to revive bullish momentum and re-establish the upward trend.
