coindesk.com
Filecoin FIL$1.6379 rose 1.8% to $1.62 over the last 24 hours, displaying relative strength as the storage token bucked broader cryptocurrency market weakness.
The advance came on elevated volume, with FIL outperforming the overall crypto market as traders rotated into infrastructure plays, according to CoinDesk Research's technical analysis model.
The model showed that the token carved out a $0.13 trading range during the session, registering 7.5% total volatility.
FIL found buyers near the $1.61 support level before pushing higher, though sellers emerged in the $1.65-$1.67 resistance zone that had capped the previous session's rally to $1.74, according to the model.
The rally in FIL came as wider crypto markets fell, with the broader market gauge, the CoinDesk 20, down 1%.
Technical Analysis:
- Primary support holds at $1.61 with resistance forming in $1.65-$1.67 zone after rejection at $1.74
- Daily volume rises 21% above weekly average within normal parameters; massive 18.07M spike (190% above SMA) marked Nov. 25 breakout failure
- Descending channel develops post-spike with diminishing volume confirming consolidation; institutional liquidation creates temporary support breakdown pattern
- Immediate resistance at $1.614-$1.617 offers retest opportunity toward $1.65; downside targets $1.60 if support fails on volume expansion
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.