Technical indicators show renewed momentum, but sellers remain active near $2.50
Filecoin (FIL) has surged 5% in recent sessions, pushing toward critical resistance levels after weeks of sideways movement. The token is trading near $2.45 at press time, as traders weigh signs of recovery against lingering selling pressure.
After months of weakness, FIL recently broke out of a descending channel pattern that had capped prices through May and June. The breakout shifted sentiment, with buyers stepping in around the $2.20 support zone, a level repeatedly tested and highlighted in the chart as a strong demand area.
“Breaking out of a prolonged downtrend often signals a shift in momentum,” said BITX market analyst. “The key for Filecoin is whether bulls can sustain pressure above resistance to confirm a larger reversal.”
Currently, FIL is facing resistance near the $2.50–$2.60 range, marked by a previous supply zone where sellers defended aggressively in late August. A successful breakout above this region could pave the way for a retest of the $2.90 level, which capped the July rally.
On the downside, the $2.20–$2.25 support band remains critical. A breakdown below this level would risk renewed bearish momentum, potentially dragging FIL toward $2.00.
Trading volume has remained relatively stable, though spikes during support tests suggest accumulation from buyers. If momentum continues, analysts believe Filecoin could attempt a sustained move toward $3.00 in the coming weeks, provided broader crypto market conditions remain favorable.
“The $2.50 zone is pivotal. A clean break and close above could confirm strength and attract more traders, while rejection may lead to another consolidation phase,” one technical strategist noted.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.