Filecoin (FIL) Price Drops After Falling Through Key Support Levels

Filecoin (FIL) has experienced a significant price drop, plummeting 10% to $2.34 after breaking critical support levels at $2.50 and $2.40. The fall occurred amid heavy selling pressure, with trading volume surging 137% above the 24-hour average, reaching approximately 21 million tokens. This technical breakdown indicates a clear downtrend, as the price established consecutive lower highs and confirmed a bearish momentum structure. The immediate downside target is the psychological level of $2.30, while recovery efforts will need to reclaim the breached $2.40 support zone. Analysts noted that the breakdown's validity was confirmed by exceptional volume, indicating institutional participation in the selling. The primary support now stands at the previous low of $2.35, with the once-supportive levels now acting as overhead resistance.

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