Filecoin Drops More Than 10%

Filecoin Drops Over 10% as Crypto Markets Retreat

Filecoin tumbled more than 10% to $1.46 over the past 24 hours, lagging behind the broader cryptocurrency market, which saw the CoinDesk 20 Index decline nearly 7%.

According to CoinDesk Research’s technical model, the token fell from $1.62, creating a $0.16 trading range with 11% intraday volatility. Trading volume spiked 32.7% above the seven-day moving average, indicating heavy selling pressure.

Peak liquidation occurred around midnight UTC, with 20 million in volume—over four times the 24-hour simple moving average. Filecoin broke below $1.58 support, while resistance formed near $1.47. The decline followed a series of lower highs from the $1.6385 peak, culminating in capitulation near $1.46.

Current indicators suggest that selling pressure may be easing, and short-term stabilization could be forming around $1.46. Analysts note that holding $1.47 is key for preventing further downside, while reclaiming $1.58 is essential for a broader recovery. If support fails, Filecoin could slide toward $1.40.

Technical Highlights:

• Breakdown through $1.58 support; resistance at $1.47
• 24-hour volume up 32.7% vs. 7-day average
• Peak selling: 19.97M (318% above SMA)
• Zero-volume consolidation in final hour suggests exhaustion
• Short-term stabilization near $1.46
• Immediate resistance at $1.47 crucial for downside protection
• Recovery requires retaking $1.58
• Downside risk toward $1.40 if support breaks

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