Filecoin Rises Over 4% as Token Rebounds

Filecoin (FIL) experienced a 4.3% increase as it rebounded from previous declines in the crypto market. The decentralized storage token traded within a range of $1.40 to $1.52, testing key support and resistance levels. Traders noted significant movement as trading volume surged to 5.46 million tokens, which is 98% above the average for the last 24 hours. This spike occurred at a critical support level of $1.41. Technical analysis indicates an ascending channel structure, with resistance imminent near $1.52. The buying interest has been noted during recovery waves, with an accumulation phase developing above the $1.41 zone. Key support is at $1.48, with an extended upside target at the $1.52 resistance zone. Risk management strategies are suggested below the $1.41 support level, around $1.38 for aggressive positions. This growth comes amidst a broader rally in the crypto market, reflected by a 2.5% increase in the CoinDesk 20 index at the time of reporting.

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