FIL Tumbles to $1.24 Amid Technical Breakdown and Heavy Trading Volume
Filecoin (FIL) extended its downward trend after slipping nearly 6%, reflecting a broader decline across the cryptocurrency market. The token fell to $1.24, markingg one of its weakest levels in recent months. The move came as selling pressure accelerated, with traders reacting to both macro market weakness and clear technical signals .
The latest drop in FIL followed a decisive technical breakdown, where price failed to hold key support zones that had previously acted as demand areas. Once these levels were breached, downside momentum strengthened rapidly. Trading activity surged during the decline, with volume reaching approximately 380% above its recent average, highlighting strong conviction from sellers rather than low liquidity volatility.
From a structure perspective, FIL has continued to post lower highs and lower lows, reinforcing the prevailing bearish trend. Attempts at short-term recoveries were repeatedly rejected near former support levels, which have now turned into resistance. This shift signals that market participants remain cautious about near-term upside potential.
Broader Crypto Market Pressure Weighs on FIL
Filecoin’s weakness has not occurred in isolation. The broader digital asset market experienced a synchronized pullback, with many altcoins recording sharp losses. Risk-off sentiment intensified as traders reduced exposure, leading to capital outflows from mid- and small-cap tokens like FIL.
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.