7 hours ago
3
Filecoin (FIL) posted solid gains during the last 24 hours, rising as much as 4%, a move that reflects heightened institutional interest, according to CoinDesk Research's technical analysis model.
FIL showed heavy trading volume during the period, with transactions reaching 2.65 million tokens, significantly exceeding the usual 24-hour average of 1.89 million, the model showed.
Market data indicates a sustained upward trajectory from overnight lows, with resistance establishing near the $2.38 level, while maintaining support above $2.33 throughout the session.
The rally in Filecoin came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 2.7%.
In recent trading, FIL was 3.5% higher over 24 hours, trading around $2.36.
Technical Analysis:
- 24-hour price range of 5% between $2.26 low and $2.38 peak, contrasting with final hour's compressed 0.47% range
- Trading activity exceeded 2.65 million units during key support tests, representing 40% above the 24-hour average of 1.89 million units
- Strong support established at $2.29 with resistance forming around $2.38, while the critical $2.35 psychological level remains under pressure.
- Clear upward trend pattern from overnight lows with higher lows formation, though bearish divergence emerged in final trading minutes with volume decline.
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