Filecoin Drops Over 6%, Breaks Key Support at the $2.38 Level

Filecoin (FIL) displayed sharp volatility with a trading range of over 6% during the last 24-hours, according to CoinDesk Research's technical analysis model.

The token broke key support at the $2.38 level on high volume, the model showed.

AI platform SingularityNET has chosen Filecoin for metadata storage through Lighthouse, according to a post on X.

In recent trading, FIL was 4.6% lower over 24 hours, trading around $2.36.

The decline in Filecoin came as the wider crypto market also fell, with the broader market gauge, the Coindesk 20, recently 3.6% lower.

Technical Analysis:

• Filecoin encountered significant bearish momentum during the 24-hour period.
• The cryptocurrency breached essential support at $2.38 during overnight trading periods, with volume surges reaching 7.54 million indicating potential institutional distribution activity
• Descending channel pattern formed during final 60 minutes of trading period.
• Failed reclaim of key technical levels suggesting continued downside momentum.
• FIL demonstrated recovery signals in the final hour, advancing to $2.35 with strong purchasing interest and volume peaks of 91,211 shares.

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.