Filecoin plunges 5% after breaking ascending trend support
CoinDesk
Filecoin (FIL) dropped 5.1% to $1.24 after breaking critical technical support on heavy volume.Summary
Filecoin (FIL) experienced a significant drop of 5.1%, falling to $1.24 after breaking through critical technical support at $1.245. This breakdown occurred on Monday amidst a broader crypto market decline, with Bitcoin falling 3.5% and the CoinDesk 20 declining 4.4%. The selling pressure was confirmed by an exceptional trading volume surge of nearly 400% above average, suggesting institutional participation. Technical analysis indicates that the collapse of the ascending trend support opens the door for further losses toward the $1.23-$1.235 demand zone, with the former support level at $1.25 now acting as immediate resistance for any potential relief rally.
(Source：CoinDesk)