Filecoin's FIL Pares Gains to Trade Little Changed After Testing $2.50 Resistance Level

Filecoin (FIL) traded little changed over the last 24 hours, with the shares trading in a $0.08 range representing 3.3% volatility between $2.41 and $2.50, according to CoinDesk Research's technical analysis model.

The model showed a pronounced V-shaped recovery trajectory, as the digital asset initially retreated from $2.44 to test institutional support levels near $2.41-$2.42 during overnight trading, before mounting a sustained rally that reached $2.50 during the morning hours.

Selling pressure emerged at the $2.50 resistance level with institutional volume reaching 4.7 million tokens, while the $2.41-$2.42 price zone demonstrated robust institutional backing through multiple successful support tests, with trading volume exceeding the 24-hour average of 2.80 million units, according to the model.

In recent trading FIL was 0.3% lower over 24 hours, trading around $2.43.

The wider crypto market was also lower, with the broad market gauge, the CoinDesk 20, down 0.8%.

Technical Analysis:

• V-shaped institutional recovery pattern materialized during 24-hour trading session.
• Strong support established at $2.41-$2.42 zone through multiple successful institutional tests.
• High-volume resistance identified at $2.50 institutional level.
• Above-average institutional trading volume of 4.70 million during key corporate resistance tests.

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.