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Filecoin Drops Nearly 6%, Finds Support Near $2.41 Amid High-Volume Sell-Off
Filecoin (FIL) posted a sharp 5.8% loss over the past 24 hours, falling from a session high of $2.569 to a low of $2.406, according to CoinDesk Research’s technical analysis. At the time of writing, FIL was trading at $2.425, down 4.9%, as the token attempts to stabilize around a developing support zone.
The drop came amid broader market weakness, with the CoinDesk 20 Index also down 2%, reflecting cautious sentiment across major crypto assets.
Much of the selling pressure in FIL was concentrated during the 22:00–00:00 UTC window, when trading volume surged past 7 million units, triggering a break below the previously defended $2.52 support level. That level, which had held through the first half of the trading period, gave way as rejection wicks formed repeatedly at $2.56, confirming it as the new resistance zone.
Technical Breakdown
- FIL/USD declined 5.8%, from $2.569 to $2.406.
- Heaviest selling occurred between 22:00–00:00 UTC, with over 7M units traded.
- Support formed in the $2.41–$2.42 range, with early signs of consolidation.
- $2.52 support failed, marking a key technical breakdown.
- Resistance confirmed at $2.56 with multiple upper wick rejections.
- Institutional distribution likely contributed to the move, with downside risk persisting unless bulls reclaim $2.45.
- A V-shaped bounce followed, with price rebounding from $2.411 to $2.427 in the last hour.
- Volume peaked at over 55,000 units during the recovery, indicating strong buying interest at the lows.
- The token is now consolidating in a narrow band between $2.415–$2.418.
- Repeated rejection at $2.420 suggests near-term resistance and indecision.
- Final-minute price action showed reduced volume, hinting at market hesitation ahead of a clear directional move.
While the short-term outlook remains cautious, traders are watching closely to see whether this recent bounce leads to a broader reversal—or if another leg down is in store should the $2.41 zone fail to hold.
