Filecoin Drops Over 6%, Breaks Key Support at the $2.38 Level

AI platform SingularityNET has chosen Filecoin for metadata storage through Lighthouse, according to a post on X.

In recent trading, FIL was 4.6% lower over 24 hours, trading around $2.36.

The decline in Filecoin came as the wider crypto market also fell, with the broader market gauge, the Coindesk 20, recently 3.6% lower.

Technical Analysis:

• Filecoin encountered significant bearish momentum during the 24-hour period.
• The cryptocurrency breached essential support at $2.38 during overnight trading periods, with volume surges reaching 7.54 million indicating potential institutional distribution activity
• Descending channel pattern formed during final 60 minutes of trading period.
• Failed reclaim of key technical levels suggesting continued downside momentum.
• FIL demonstrated recovery signals in the final hour, advancing to $2.35 with strong purchasing interest and volume peaks of 91,211 shares.