Filecoin tumbles below $1.30 as volume spikes amid broad market weakness
Filecoin (FIL) slid 4.2% to $1.28 on Tuesday, trading around $1.2685 as heightened volatility produced sharp reversals during a wider market sell-off, according to CoinDesk Research’s technical analysis model.
Key takeaways
- Bearish setup: The model flagged a developing bearish trend for the decentralized storage token. The intraday range measured $0.08, equivalent to about 6.3% volatility.
- Above-average activity: Trading volume rose 12.75% above the seven-day average. The session’s peak—11.7 million FIL—was roughly 85% higher than the 24-hour average of 2.81 million tokens.
- Support broken: That surge in activity accompanied a break below the psychological $1.30 support level, a move the model says confirms the short-term breakdown.
- Market context: The rout was not isolated to FIL — the CoinDesk 20 index was down about 3.7% at the time of publication, reflecting broader crypto weakness.
Technical Analysis / Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team for accuracy and compliance with CoinDesk’s standards. For details, see CoinDesk’s full AI Policy.
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