Filecoin (FIL) Drops as Much as 7% as Selling Pressure Intensifies

Filecoin (FIL) faced a significant drop of up to 7% amid a broader decline in the cryptocurrency market, falling from $2.39 to a low of $2.23. Technical analysis revealed a support level established at $2.23 and a resistance point at $2.41. During peak selling, Filecoin saw transaction volumes exceed 5.92 million tokens, markedly higher than its daily average of 3.42 million tokens. Despite sellers dominating at the $2.41 resistance level, bulls defended the support at $2.23, showing resilience with a transaction volume above 4.8 million tokens. The recent movements indicate classic capitulation patterns, with potential seller exhaustion as volatility compresses. As of the latest trading, Filecoin stabilized around $2.26, and the overall cryptocurrency market reflected a downturn, with the CoinDesk 20 index decreasing by 3.6%.

Source 🔗