Filecoin’s Dramatic Descent: 4% & 185% Volatility 🐍💰

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Markets

What to know:

  • FIL slid 4% to as low as $1.23 over 24 hours before staging a recovery. 📉✨
  • Volume surged 185% above average during the key breakdown below $1.30 support. 💸

Filecoin fell 4.2% to $1.28 on Tuesday amid significant volatility as traders drove sharp reversals during a broader market decline, according to CoinDesk Research’s technical analysis model. 🧠💸

The model showed that the decentralized storage token established a bearish price trend with $0.08 range representing 6.3% volatility. 🐍📉

Volume was 12.75% above the seven-day average, according to the model. The peak of 11.7 million tokens was 85% above the 24-hour average of 2.81 million. 📈💸

The spike confirmed the token’s breakdown below the psychological $1.30 support price, the model said. 📏💥

Wider crypto markets also fell. The CoinDesk 20 index was 3.7% lower at publication time. 🚩📉

Technical Analysis:

  • Primary support sits at $1.278 with resistance capping advances near $1.285, creating a tight $0.007 trading range. 🔄💰
  • The 185% volume surge during $1.30 breakdown confirmed institutional participation while normalized late-session activity suggests a consolidation phase, according to the model. 🧩🧠
  • Classic support-resistance dynamics emerged with swift capitulation followed by an immediate recovery bounce indicating buyer interest at lower levels. 🕵️‍♂️📉
  • Near-term range bound between $1.278-$1.285 with broader 24-hour bearish trend intact until reclaim of $1.30 psychological level. 📉🛡️

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2025-12-16 17:14