Filecoin Gains 2% Alongside Crypto Rally
Filecoin climbed 2% to $1.57 over the last 24 hours, posting modest gains that tracked broader cryptocurrency market movements.
The broader market gauge, the CoinDesk 20 index, rose 1.6%.
The token's volume stayed subdued at just 9.7% above seven-day averages, according to CoinDesk Research's technical analysis model.
Price action showed Filecoin's persistent correlation with wider crypto markets. The token posted only 1% idiosyncratic movement versus the broader digital asset complex, well below the 5% threshold signaling independent price discovery, the model said.
Technical factors dominated trading with no Filecoin-specific catalysts driving sentiment, according to the model.
The model showed that the token built an ascending trendline through most of the session with higher lows at $1.5249, $1.5537, and $1.5581.
Resistance emerged around the $1.59 level.
Technical Analysis:
- Primary resistance sits at $1.59 with multiple rejections; immediate support at $1.57
- Peak trading activity of 8 million occurred during midday volatility; late-session breakdown showed 259,489 volume spike
- Ascending trendline negated by final-hour reversal; consolidation range of $0.0683 represents 4.4% of trading value
- Breakdown below $1.556 targets further downside while reclaim of $1.58 needed to restore bullish momentum
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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