Rose 0.4% in the past 24 hours, underperforming broader crypto markets, according to Coindesk Research’s technical analysis model.
The token had previously climbed nearly 2% before selling off. The broader gauge of the market, the Coindesk 20 Index was 1.7% higher at press time.
The model shows that the decentralized storage token traded within a tight range of $0.06, building higher lows from the opening of $1.595 before hitting resistance near $1.685.
Volume climbed 23% above seven-day averages, signaling institutional positioning despite FIL’s relative weakness.
Filecoin is holding a Developer Summit in Buenos Aires, on November 13-15, according to a Post to x.
Technical Assessment:
- Key support established at $1.625.
- The resistance zone identified between $1.634-$1.6856 based on volume weighted analysis.
- The critical consolidation platform was built above $1.630 before the latter’s breakdown.
- The 24-hour volume exceeded the weekly average by 23%, indicating institutional participation.
- The peak volume event at 5 million tokens (89% above the SMA) confirmed the support test.
- The final three-minute selling pressure exceeded 140k tokens, signaling profit-taking.
- Uptrend with higher lows established from the $1.595 opening.
- The bullish consolidation above $1.63 was negated by selling pressure of late.
Disclaimer: Parts of this article were generated with help from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
