Filecoin Gives Back Chunk of Recent Gain to Trade 2% Higher

Filecoin (FIL) experienced a dramatic 6.1% surge on June 29, jumping from $2.31 to $2.41 with exceptionally high trading volume, before encountering resistance and reverting lower, according to CoinDesk Research’s technical analysis model. The model showed that high-volume resistance has been established at the $2.41 leveI. Horizontal support zone has formed around $2.27-$2.28 where buyers consistently stepped in during consolidation, according to the model. In recent trading, FIL was 1.8% higher over 24 hours at around $2.325 The broader market gauge, the CoinDesk 20, was up 1.9% at publication time. Technical Analysis: FIL exhibited a dramatic 6.05% price surge during the 22:00 hour on June 29, jumping from $2.31 to $2.41 with exceptionally high volume of 7.6 million. Clear high-volume resistance established at the $2.41 level, with overall price range of $0.14 (5.97%) during the 24-hour period. Horizontal support zone formed around $2.27-$2.28 where buyers consistently stepped in during consolidation. Descending channel formed after resistance test, dropping to $2.29 by 18:33 before recovering to close at $2.30. Volume spikes occurred during key reversals, particularly at 18:32 (72.7K) and 18:46 (70.3K), suggesting institutional participation at $2.295 support.

Source: CoinDesk