Filecoin Facing a technical breakdown though, the token climbed 2.4% to $2.62, according to Coindesk Research’s technical analysis model.
FIL traded within a volatile $0.33 range, representing a 12.5% intraday movement as institutional flows tested established technical boundaries, the model showed.
The model noted that volume activity peaked at 03:00 when 21.5 million tokens changed hands, marking a 78% advance above baseline levels.
Buying pressure pushed fil from $2.71 to an intraday peak of $2.93 before profit-taking emerged, the model showed.
Strong resistance at $2.93 ended further advance and established a major technical ceiling for close trading, according to the model.
The broader crypto markets also rose, with the Coindesk 20 index up 5.7%.
Technical Assessment:
- Main support at $2.60 with secondary backstop at $2.55-2.58, while $2.93 resistance proved heavy with intermediate ceiling at $2.81
- The peak 21.52m share volume accompanied the $2.93 test, followed by below-average activity during the session closely suggesting waning conviction.
- Consolidation range between $2.63-$2.93 Failed bearishly as the price tested the lower boundary of the established trading corridor
- Downside Exposure towards $ 2.55-2.58 The increase of the support cluster, while the recovery requires the reclamation of $ 2.63 to restore the dynamic range
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