Filecoin Plunges 6% as Selling Pressure Increases, Crypto Markets Retracts

Filecoin

crashed 5.6% in the 24-hour trading session from July 14 10:00 UTC to July 15 09:00 UTC, sliding from $2.66 to $2.51, according to CoinDesk Research's technical analysis model.

The model shows that the token posted a volatile 7.52% intraday movement.

The slump in token of the decentralized storage network came as the wider crypto market also fell, with the broader market gauge, the CoinDesk 20, recently down 3.8%.

Filecoin recently announced a partnership with blockchain Avalanche, aimed at optimizing smart contract handling and data storage.

In recent trading, FIL was 5.6% lower over 24 hours, trading around $2.51.

Technical Analysis:

• Price tumbled from $2.66 to $2.51, posting 5.6% decline
• Resistance solidifies at $2.66 level with support forming around $2.50.
• Heaviest selling pressure hits July 14, 14:00-03:00 UTC window as price cascades from $2.65 to $2.46.
• Volume patterns show elevated activity during decline phases, particularly July 15, between 02:00-03:00 UTC, with volumes topping 6.3 million.
• Two-phase movement pattern features initial consolidation followed by upward momentum starting 09:01 UTC.
• Institutional interest emerges at lower levels with volumes exceeding 71,000 at 09:19 UTC.