Filecoin Plunges 6% as Selling Pressure Increases, Crypto Market Retracts
The model shows that the token posted a volatile 7.52% intraday movement.
The slump in token of the decentralized storage network came as the wider crypto market also fell, with the broader market gauge, the CoinDesk 20, recently down 3.8%.
Filecoin recently announced a partnership with blockchain Avalanche, aimed at optimizing smart contract handling and data storage.
In recent trading, FIL was 5.6% lower over 24 hours, trading around $2.51.
Technical Analysis:
Price tumbled from $2.66 to $2.51, posting 5.6% decline
Resistance solidifies at $2.66 level with support forming around $2.50.
Heaviest selling pressure hits July 14, 14:00-03:00 UTC window as price cascades from $2.65 to $2.46.
Volume patterns show elevated activity during decline phases, particularly July 15, between 02:00-03:00 UTC, with volumes topping 6.3 million.
Two-phase movement pattern features initial consolidation followed by upward momentum starting 09:01 UTC.
Institutional interest emerges at lower levels with volumes exceeding 71,000 at 09:19 UTC.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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