Filecoin (FIL) falls on above-average volume, drops below $1.30 support amid wider slide

Filecoin FIL$1.2843 fell 4.2% to $1.28 on Tuesday amid significant volatility as traders drove sharp reversals during a broader market decline, according to CoinDesk Research’s technical analysis model.

The model showed that the decentralized storage token established a bearish price trend with $0.08 range representing 6.3% volatility.

Volume was 12.75% above the seven-day average, according to the model. The peak of 11.7 million tokens was 85% above the 24-hour average of 2.81 million.

The spike confirmed the token’s breakdown below the psychological $1.30 support price, the model said.

Wider crypto markets also fell. The CoinDesk 20 index was 3.7% lower at publication time.

Technical Analysis:

• Primary support sits at $1.278 with resistance capping advances near $1.285, creating a tight $0.007 trading range
• The 185% volume surge during $1.30 breakdown confirmed institutional participation while normalized late-session activity suggests a consolidation phase, according to the model.
• Classic support-resistance dynamics emerged with swift capitulation followed by an immediate recovery bounce indicating buyer interest at lower levels
• Near-term range bound between $1.278-$1.285 with broader 24-hour bearish trend intact until reclaim of $1.30 psychological level

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.