coindesk.com
Filecoin (FIL) demonstrated relative strength over the last 24-hour period, surging from $2.051 to a peak of $2.3478, according to CoinDesk Research's technical analysis model.
The model showed that strong support has been established around the $2.24-$2.25 zone, confirmed by multiple tests with price bouncing higher each time.
In recent trading, FIL was 13.6% higher over 24 hours at around $2.35. The broader market gauge, the CoinDesk 20, was up 8.7% at publication time.
Technical Analysis:
- Price action formed a clear uptrend with higher lows and higher highs, particularly notable during the 22:00 hour on June 23rd when price broke above $2.27 on significantly above-average volume (7.58M)
- Strong support has established around $2.24-$2.25, confirmed by multiple tests with price bouncing higher each time.
- The 4-hour consolidation between $2.27-$2.30 suggests accumulation before the next potential move higher, with the $2.31 level now serving as immediate resistance.
- In the last 60 minutes, FIL-USD exhibited notable volatility with a clear pattern of consolidation followed by a significant price movement.
- The token traded within a tight range between $2.29-$2.30 for most of the period before experiencing a sharp decline to $2.28 around 15:41, establishing a new support level at $2.285.
- Volume spiked considerably during this correction, particularly at 15:42 with over 112,000 units traded, indicating strong market participation.
- The final minutes showed an impressive recovery with price surging back above $2.29, culminating in a high of $2.301 at 15:52 on substantial volume (124,097), suggesting renewed bullish momentum despite the earlier pullback.