Filecoin (FIL) drops as bears test support

Filecoin (FIL) retreated 2.2% over 24 hours, falling from $1.32 to $1.29 as technical sellers dominated, establishing a clear bearish channel pattern with lower highs. Trading volume surged 180% above average to 7.59 million tokens during selling pressure at the $1.33 resistance level, suggesting clear institutional distribution. Despite the bearish trend, a swift V-shaped recovery from the $1.28 support level indicates that institutional buyers remain active, accumulating on dips. The weakness in FIL occurred alongside a broader decline in crypto markets, with the CoinDesk 20 index down 3.1%. Key technical levels show resistance at $1.33 and critical support at $1.28, with the immediate upside target set between $1.31 and $1.32.

(Source：CoinDesk)