Filecoin Plunges Over 10% Amid Broad Crypto Sell-Off

Filecoin fell sharply over the past 24 hours, dropping more than 10% to $1.46, underperforming the wider cryptocurrency market as digital assets retreated. The CoinDesk 20 Index, a benchmark for major cryptocurrencies, declined nearly 7% during the same period.

According to CoinDesk Research’s technical analysis model, Filecoin slid from $1.62 to $1.46, forming a $0.16 trading range with 11% intraday volatility. The model indicated a surge in trading volume, rising 32.7% above the seven-day moving average, pointing to concentrated selling pressure.

Peak liquidation occurred at midnight UTC, with roughly 20 million in volume—more than four times the 24-hour simple moving average. The token’s technical breakdown accelerated past $1.58 support, while resistance emerged near $1.47. Consecutive lower highs from the $1.6385 peak reinforced strong downward momentum. Capitulation was observed around the $1.46 level following the high-volume sell-off.

Current price action suggests potential stabilization as selling pressure eases. Analysts note that immediate resistance at $1.47 is crucial for preventing further declines, while reclaiming the $1.58 level would be necessary for a broader recovery. If current support fails, Filecoin could face downside risk toward $1.40.

Technical Snapshot:

• Breakdown through $1.58 support; resistance now near $1.47
• 24-hour volume surged 32.7% above seven-day moving average
• Peak selling volume: 19.97M (318% above SMA)
• Final trading hour showed zero-volume consolidation, signaling potential exhaustion
• Stabilization forming around $1.46 support
• Immediate resistance at $1.47 critical to prevent further losses
• Recovery depends on retaking $1.58
• Downside target: $1.40 if support fails