Filecoin (FIL) Drops 2% Amid Broader Crypto Market Weakness
Filecoin (FIL) slipped 2% to about $1.28 in Tuesday's session after testing resistance at $1.35. The price fell about 2% in early trading on Wednesday. Trading volume for FIL saw a 7.3% increase above the weekly average in the past 24 hours, signaling measured participation and consolidation.
During the $1.35 resistance test, volume surged 85%, indicating a significant level of activity as the price approached this barrier. The coin has been range-bound within roughly $0.09, with primary support identified at $1.27 and resistance at $1.35. Higher lows have formed from $1.266 to $1.276 within an $0.087 range, suggesting accumulation.
The immediate upside target for FIL is between $1.285 and $1.290, while breaking above $1.35 would require a notable surge in volume. The broader crypto market, as measured by the CoinDesk 20 index, was 0.6% lower, reflecting overall market weakness.
Price action for FIL remains closely tied to cryptocurrency market sentiment, with large order flows appearing to drive moves more than fundamental factors, according to CoinDesk Research.
