coindesk.com
Filecoin FIL$1.6108 surged over 9% on Tuesday from the token's intraday lows to $1.71, marking a 2% gain over the last 24 hours.
The rally's most significant characteristic emerged through volume analysis. FIL advanced despite a 11% decline in 24-hour volume compared to its seven-day average, according to CoinDesk Research's technical analysis model.
According to the model, this pattern typically indicates institutional accumulation rather than retail momentum, as substantial price appreciation occurs without a surge in typical trading activity.
The model showed that price established an ascending channel with support at $1.62 and resistance near $1.70.
The rally in FIL came as wider crypto markets fell, with the broader market gauge, the CoinDesk 20, down 0.9%.
Technical Analysis:
- Strong support established near $1.57 after multiple successful tests
- Resistance formed around $1.68 from opening session highs
- Ascending channel support maintained at $1.62 level
- 24-hour volume declined 11% versus 7-day average despite 9.65% price gain
- Significant volume spike occurred at session lows, confirming support
- Three distinct volume surges drove sequential breakouts above resistance
- Clear ascending channel formation with higher lows from $1.57 to $1.70
- Recovery momentum established consecutive higher lows suggesting stabilization
- Support zone established between $1.57-$1.60 psychological levels
- Risk/reward favors upside continuation given institutional volume profile
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.