Filecoin Plunges 6% as Selling Pressure Increases, Crypto Markets Retracts
Filecoin
The model shows that the token posted a volatile 7.52% intraday movement.
The slump in token of the decentralized storage network came as the wider crypto market also fell, with the broader market gauge, the CoinDesk 20, recently down 3.8%.
Filecoin recently announced a partnership with blockchain Avalanche, aimed at optimizing smart contract handling and data storage.
In recent trading, FIL was 5.6% lower over 24 hours, trading around $2.51.
Technical Analysis:
- Price tumbled from $2.66 to $2.51, posting 5.6% decline
- Resistance solidifies at $2.66 level with support forming around $2.50.
- Heaviest selling pressure hits July 14, 14:00-03:00 UTC window as price cascades from $2.65 to $2.46.
- Volume patterns show elevated activity during decline phases, particularly July 15, between 02:00-03:00 UTC, with volumes topping 6.3 million.
- Two-phase movement pattern features initial consolidation followed by upward momentum starting 09:01 UTC.
- Institutional interest emerges at lower levels with volumes exceeding 71,000 at 09:19 UTC.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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