Filecoin‘s price held near $2.43 after probing resistance at $2.50 and repeatedly finding support just above $2.41 during a volatile 24‑hour session. CoinDesk Research’s technical model flagged a narrow $0.08 trading range — roughly 3.3% volatility — as the token completed an V-shaped recovery from intraday lows.
Overnight selling pushed FIL down to the institutional support band around $2.41–$2.42, where multiple tests met strong buying interest. That demand carried the token back to the $2.50 level in morning trading, where sellers resurfaced; institutional volume at that resistance point reached about 4.7 million tokens. By contrast, activity in the $2.41–$2.42 support zone outpaced the 24‑hour average of roughly 2.8 million units, suggesting depth behind that floor.
What to watch next: the $2.50 area is now a short-term supply zone. A sustained break above that level on higher-than-average volume would signal renewed upside momentum and could invite follow-through from institutional desks. If FIL fails to reclaim $2.50, the market may consolidate in the $2.41–$2.50 band or test lower support levels, depending on broader sentiment.
Context matters: FIL was about 0.3% lower on the day while the CoinDesk 20 index slipped 0.8%, indicating the move wasn’t isolated to Filecoin. Institutional flows — which accounted for the heavier volume during both the support tests and resistance encounter — appear to be driving the short-term tape, so monitoring large block trades and order-book depth can provide early clues about the next directional push.
Technical note: The V-shaped recovery suggests buyers stepped in quickly at institutional price levels, absorbing early selling and forcing a short-covering bounce. Traders often view repeated successful support tests as a sign of accumulation; however, accumulation at lower volumes can be misleading, so confirm with volume spikes on breakouts. Short-term traders should pair price action with volume and order-book signals, while longer-term holders may focus on network fundamentals and development milestones for Filecoin.
Risk considerations: Filecoin has shown rapid intraday swings, and institutional participation can amplify both rallies and reversals. This article is for informational purposes and not investment advice; traders should manage position size and use risk controls.
Source: CoinDesk. Read the original coverage for full details.