Filecoin (FIL) surged as much as 9% in the last 24 hours, climbing from $2.24 to $2.44 with exceptional volume support at the $2.30 level, according to CoinDesk Research's technical analysis model.
The model showed that FIL has established strong support at $2.40 despite wider market uncertainty.
Filecoin is holding an informal networking evening on July 3 in Cannes, aligned with EthCC.
The rally in Filecoin came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 3.9%.
In recent trading, FIL was 6.4% higher over 24 hours, trading around $2.395.
Technical Analysis:
- FIL traded within an $0.19 range (8.5%) between the low of $2.24 and high of $2.44 during the last 24 hours
- Most significant price movement occurred during the 16:00 hour on July 2, with a 5.2% surge on high volume (11 million units), establishing strong support at $2.30.
- After reaching $2.44 at 07:00 on July 3, FIL entered consolidation with increased selling pressure forming resistance around $2.42.
- During the 60-minute period from July 3 11:50 to 12:49, FIL showed high volatility with an uptrend to $2.42 at 12:30, followed by a sharp 4.5% correction to $2.37.
- Notable volume spike (739,000 units) at 12:30-12:31 triggered the reversal, with support established at $2.38.
- Decreasing volume in final minutes suggests consolidation after the volatile hour.
