Filecoin (FIL) showed short-lived upside on Sept. 5 as traders pushed the token above recent trading averages before meeting strong resistance. According to CoinDesk Research’s technical model, FIL spiked roughly 3% to a session high near $2.38, then pulled back about 2% to trade around $2.32 during intraday activity.
The model identified a compact trading range of about $0.15 (6%) between a low near $2.23 and the high at $2.38. That top coincided with elevated volume and what the model classifies as a high-volume rejection—an early sign that sellers stepped in decisively at the $2.38 level.
Volume dynamics were notable: the session peak reached 7.23 million in traded volume versus a 24-hour average of approximately 2.47 million. The last hour of trading showed concentrated selling pressure, with a reported institutional-size spike of about 425,701, roughly double the typical hourly cadence for the session.
Technically, analysts mapped two distinct rally legs: an initial move to about $2.28 followed by a stronger push on Sept. 5 that tested $2.38. Support appears to be coalescing in the $2.23–$2.24 band; a sustained break below that area would increase the likelihood of further downside, while a successful reclaim of $2.38 on healthy volume could signal more upside.
Broader market action was muted — the CoinDesk 20 rose about 0.2% — indicating the move was largely FIL-specific rather than a broad crypto surge. Traders should watch whether future rallies come on rising volume (healthy) or as volume dries up (unsustainable).
Why this matters: the concentrated volume at the top suggests institutional participants are active and that volatility could persist near these reference levels. For traders, the $2.38 resistance and $2.23 support define the short-term bias and risk parameters for intraday and swing positions.
Risk note: Crypto markets remain volatile. Price swings can be swift and unpredictable; this analysis is informational and not investment advice.
Source: CoinDesk. Read the original coverage for full details.