Filecoin Sinks Nearly 6%, Finds Short-Term Support as Selling Wave Cools
Filecoin (FIL) saw a steep 5.8% drop on Monday, plunging from $2.569 to an intraday low of $2.406 before rebounding slightly to trade near $2.425. The sell-off came on the heels of heightened trading activity, with volume exceeding 7 million FIL during a concentrated two-hour period beginning at 22:00 UTC.
The breakdown below the key $2.52 support level marked a bearish turn, while multiple rejections around $2.56 earlier in the day solidified that level as a fresh resistance zone.
Despite the decline, buyers stepped in around the $2.41–$2.42 region, helping establish a tentative support zone. A sharp recovery attempt pushed the token to $2.427, accompanied by a short burst of volume topping 55,000 FIL, suggesting some buyers view the dip as a potential entry point.
Technical Summary
- High-to-low move: $2.569 → $2.406 (-5.8%)
- Key breakdown: $2.52 former support failed on heavy volume
- Resistance formed at: $2.56
- Local support zone: $2.41–$2.42
- V-shaped bounce: $2.411 → $2.427
- Post-bounce range: $2.415–$2.418, with resistance near $2.420
- Volume decline in final hours suggests uncertain trend continuation
