What to know:
- FIL slipped 3.6% to $1.54.
- The CoinDesk 20 index was 3.6% lower at publication time.
Filecoin, a cryptocurrency used for data storage, dropped 3.6% in value over the past day, mirroring a general downturn in the crypto market.
The broader market gauge, the CoinDesk 20 index, was also 3.6% lower at publication time.
Trading activity for Filecoin recently increased by 30% compared to its average over the past month. However, analysts at CoinDesk Research noted that this increase wasn’t strong enough to suggest a clear and sustained trend, based on their technical analysis model.
The token’s price fluctuated within a limited range. It traded between $1.52 and $1.61 throughout the session, for a total range of $0.08, which represents a 5.0% change.
Trading activity surged yesterday evening, reaching 7.30 million, which is 95% higher than the recent average of 3.74 million, our data shows.
This increase happened right after the price failed to break through a resistance level around $1.60, and it found strong support at $1.52, according to the analysis.
As a crypto investor, I’ve been watching this coin closely. After a dip, the price bounced back, repeatedly testing the $1.59 to $1.60 level as resistance, but with each attempt, trading volume decreased. It looks like we’re seeing a period of consolidation right now, and thankfully, the price has held steady above $1.55 in recent hours.
Technical Analysis:
- Primary resistance: $1.59-$1.60 zone tested multiple times on declining volume, indicating exhaustion
- Critical support: $1.52 established during spike low with 7.30 million volume
- 24-hour participation: 30% above 30-day moving average, below elevated interest threshold
- Failed breakout: Two-minute whipsaw from $1.561 to $1.57 and back suggests algorithmic activity
- Declining volume retests: Multiple attempts at $1.59-$1.60 resistance on diminishing participation
- Downside risk: Support breakdown below $1.52 exposes limited technical structure
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2026-01-07 18:41