coindesk.com
Filecoin dropped 0.2% to $1.37 over the last 24 hours as the token underperformed the wider crypto markets.
The broader market gauge, the CoinDesk 20 index, was 3% higher at publication time.
FIL trading activity jumped 29% above the seven-day average, signaling heightened institutional interest, according to CoinDesk Research's technical analysis model.
The elevated volumes suggested smart money repositioning, with buyers stepping in at key technical levels, the model showed.
Filecoin traded to a session high of $1.397 before distribution pressure mounted during the last hour, according to the model.
The move established new short-term resistance near $1.40 and support at $1.36.
Technical Analysis:
- Resistance formed at $1.40 session high
- Trading activity peaked at 5.9 million tokens during the 21:00 hour on Dec. 11, 68% above 24-hour averages.
- Final hour distribution pressure generated 642,087 tokens in volume during the breakdown sequence.
- Higher lows at $1.3577 and $1.3661 suggested underlying accumulation despite sector headwinds.
- Immediate upside targets at $1.3975 resistance and $1.40 psychological level.
- Downside risk extended to $1.39 session open, with major support zone beginning near $1.36 from the previous consolidation low.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.