Filecoin Drops as Much as 7% as Selling Pressure Intensifies

Filecoin (FIL) fell as much as 7% in the last 24 hours, tumbling from $2.39 to $2.23, according to CoinDesk Research's technical analysis model.

The model showed that the token posted a $0.19 range representing 7.9% volatility.

Sellers dominated at the $2.41 resistance level as transaction volume exploded to 5.92 million tokens traded, crushing the 3.42 million daily average. Bulls defended $2.23 support, with volume spiking above 4.8 million, according to the model.

Classic capitulation patterns emerged as selling exhaustion signaled potential base formation above critical $2.23 floor, the model said.

In recent trading, Filecoin was 5.1% lower, around $2.26.

The wider crypto market also declined, with the broad market gauge, the CoinDesk 20, down 3.6%. • Sellers defended the $2.41