Filecoin (FIL) Falls Below $2.54 Support, Extending Short-Term Downtrend

Filecoin (FIL) saw its price dip 4.87% over the past 24 hours, breaking through the crucial $2.54 support level amid increasing bearish momentum. This move comes as broader crypto markets remain volatile, with the CoinDesk 20 Index also retreating 2.6% during the same timeframe.

Technical data shows FIL’s price oscillated between $2.62 and $2.50 before succumbing to sustained selling pressure. Notable volume spikes at 07:00 and again at 13:00 UTC underscored the intensity of the downside move, with the latter marking a key rejection near $2.55.

Attempts to regain footing near $2.55 were short-lived, as heavy sell orders pushed FIL down further, culminating in a sharp drop around 13:31 UTC. With momentum indicators favoring sellers, the next support levels to watch are $2.48 and $2.45.

Traders should remain cautious as FIL faces resistance at $2.55, with potential for additional downside if selling pressure persists.