Filecoin (FIL) has experienced a significant drop of 4.87%, falling to $2.41 after breaking below a crucial support level at $2.54. This decline comes as the broader cryptocurrency market, represented by the CoinDesk 20 Index, fell 2.6% over the same period. Analysts attribute this downturn to an increase in bearish momentum, reflecting a general atmosphere of uncertainty among investors regarding global economic conditions.
The price of Filecoin has seen notable fluctuations in the last 24 hours, moving from $2.62 down to a low of $2.50. This ranges the loss to $0.127, with striking volume spikes observed during specific trading hours. Notably, at 13:00, a resistance level at $2.55 was tested but ultimately rejected, indicating ongoing selling pressure.
At this stage, the cryptocurrency continues its bearish trend, further dropping from $2.55 to $2.50, reflecting a decline of 1.95%. Efforts to establish support around $2.51 have been unsuccessful, as each rally met with selling pressure. Current momentum indicators suggest the potential for continued weakness, with prices possibly falling into the $2.48-$2.45 territory soon.
"Falling below key support levels can trigger further selling as investors reassess risk exposure, particularly in a volatile market,"
said an analyst at CoinDesk Research.
This situation requires cautious observation as conditions evolve.
The price of Filecoin has seen notable fluctuations in the last 24 hours, moving from $2.62 down to a low of $2.50. This ranges the loss to $0.127, with striking volume spikes observed during specific trading hours. Notably, at 13:00, a resistance level at $2.55 was tested but ultimately rejected, indicating ongoing selling pressure.
At this stage, the cryptocurrency continues its bearish trend, further dropping from $2.55 to $2.50, reflecting a decline of 1.95%. Efforts to establish support around $2.51 have been unsuccessful, as each rally met with selling pressure. Current momentum indicators suggest the potential for continued weakness, with prices possibly falling into the $2.48-$2.45 territory soon.
"Falling below key support levels can trigger further selling as investors reassess risk exposure, particularly in a volatile market,"
said an analyst at CoinDesk Research.
This situation requires cautious observation as conditions evolve.
