Filecoin
FIL$2.3427 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.
