Filecoin advanced 2% to $1.57 over the past 24 hours, moving in step with broader crypto market strength while posting relatively light trading activity. The CoinDesk 20 Index gained 1.6% over the same period, reinforcing the sector-wide momentum supporting FIL.
Despite the uptick, volume remained soft, rising just 9.7% above its seven-day average, according to CoinDesk Research’s technical analysis model. The data also highlighted Filecoin’s tight correlation with the broader digital asset market, showing only 1% idiosyncratic price movement—well below the 5% threshold that would indicate standalone catalysts or independent price discovery.
With no project-specific news influencing sentiment, technical factors shaped most of the session’s trading. Filecoin maintained a gradual upward bias for much of the day, forming higher lows at $1.5249, $1.5537, and $1.5581 before momentum weakened into the close.
Technical Outlook
- Support/Resistance: Key resistance remains at $1.59, where multiple rejections have capped upside attempts. Initial support is established at $1.57.
- Volume Profile: The session’s heaviest activity reached 8 million tokens during midday volatility, followed by a smaller 259,489-token spike during a late pullback.
- Trend Structure: The ascending trendline was broken in the final hour, placing FIL within a tight 4.4% consolidation band spanning $0.0683.
- Next Moves: A drop below $1.556 would signal increased downside risk, while reclaiming $1.58 is needed to reassert bullish structure and regain upward momentum.
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