Filecoin (FIL) experienced a noteworthy trading session marked by significant volatility, as it spiked 3% before undergoing a subsequent 2% decline. According to analysis from CoinDesk Research, the cryptocurrency has shown a 3.4% increase over the past 24 hours, with its trading price hovering around $2.32.
The technical analysis model identified that the overall trading range during this period was $0.15, or 6%, encompassing a low of $2.23 and a high of $2.38. This volatility was characterized by critical resistance forming at the $2.38 mark, where a high volume rejection occurred during peak trading hours.
In the latest trading session, FIL made a notable climb from $2.25 to $2.32, reflecting a 3% gain. The model also highlighted two distinct phases of price rally, which began with a rise to $2.28 and was followed by an additional ascent on September 5. The price reached its peak at $2.38 during a particularly high trading volume, recorded at 7.23 million, which significantly surpassed the 24-hour average volume of 2.47 million.
Initial support levels were observed around $2.23 to $2.24, providing a cushion against early trading pressures. However, a decline transpired from $2.36 to $2.32 in the final hour of trading, representing a 2% contraction. Remarkably, exceptional volume spikes hit 425,701, indicating heightened institutional selling pressure, particularly in the session’s concluding hour, where institutional selling volume nearly doubled the average for the session.
In the broader crypto landscape, the market remained fairly stable, with the Coindesk 20 index witnessing a negligible increase of 0.2%. As the trading environment continues to evolve, investors and analysts remain on alert for trends that could impact the price movements of Filecoin and the wider crypto market.
