Filecoin Rises 3.6% After Establishing Support Zone Around $2.68

Filecoin FIL has established a higher trading range amid significant market volatility, with multiple price bounces confirming support levels around $2.68-$2.69, according to CoinDesk Research's technical analysis model.

The token is currently 3.6% higher over 24 hours, trading around $2.755.

The price action comes as ether ETH whales return to the market, potentially signaling the start of renewed interest in alternative cryptocurrencies.

The broader market gauge, the CoinDesk 20, was 0.8% higher at publication time.

Technical Analysis:

• FIL-USD demonstrated resilient price action over the 24-hour period, establishing a trading range of 2.642-2.735 (3.52% range).
• Notable support at 2.680-2.690 confirmed by multiple bounces.
• The 12:00 hour marked a pivotal moment with exceptional volume (4.12M), more than double the period average.
• Bullish momentum maintained through subsequent hours, with price consolidating above 2.710.
• In the last hour, FIL-USD exhibited notable volatility with a significant price swing, reaching a peak of 2.735 at 13:28 before dropping to 2.713 by 13:32.
• The slip coincided with the highest volume spike of the period (104,483 units), suggesting strong selling pressure at resistance levels.
• Asset has since established a consolidation pattern between 2.718-2.722, with multiple tests of support around 2.718 showing buyer interest.