According to CoinDesk Research’s technical analysis model, Filecoin (FIL) experienced sharp volatility with a trading range of over 6% in the last 24 hours. The token broke through a key support level at $2.38 on high volume, as reported by the model.
In a recent post on X, AI platform SingularityNET announced that it has chosen Filecoin for metadata storage through Lighthouse. This decision highlights the growing adoption of Filecoin in the crypto space.
However, in the last 24 hours, FIL was down by 4.6%, trading around $2.36. This decline in Filecoin’s price was in line with the broader market trend, as the Coindesk 20 index also fell by 3.6%.
According to technical analysis, Filecoin faced significant bearish momentum in the last 24 hours. The cryptocurrency breached a crucial support level at $2.38, with a surge in volume reaching 7.54 million, indicating potential institutional distribution activity. In the final hour of trading, a descending channel pattern was formed, suggesting a continued downside momentum.
Despite a failed attempt to reclaim key technical levels, FIL showed signs of recovery in the final hour, reaching $2.35 with strong buying interest and volume peaks of 91,211 shares.
Disclaimer: This article was generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Source:Read More