Filecoin Rebounds From Key Support, Eyes $2.60 Resistance
Filecoin (FIL) has staged a 6% recovery, climbing to around $2.49 after bouncing from a strong demand zone near $2.20. The rebound comes as buyers attempt to reverse recent weakness, but technical indicators suggest resistance at $2.60–$2.90 remains a major hurdle.
The four-hour chart highlights a descending channel pattern that dominated June, followed by a breakout rally in July that briefly pushed FIL close to the $3.00 mark. Since then, however, momentum has waned, leading to a retest of lower support zones.
“The $2.20 region has acted as a reliable floor for Filecoin,” According to BITX market analysts. “As long as this support holds, buyers have a chance to challenge overhead resistance near $2.60 and beyond.”
Currently, FIL is consolidating below the $2.60 resistance band, which has previously rejected multiple breakout attempts. A successful move above this level could open the door for a retest of $2.90, where heavier supply is expected.
On the downside, traders are watching the $2.20–$2.30 support zone closely. A failure to defend this level may expose Filecoin to further losses toward the $2.00 psychological threshold.
Volume indicators show a mild uptick during the latest surge, suggesting a cautious return of buyers. However, momentum remains weaker compared to the July rally, raising concerns about sustainability.
“Filecoin needs a decisive breakout above $2.60 to confirm strength,” BITX analyst explained. “Until then, the token is likely to trade in a range, with risk skewed to the downside if broader market sentiment weakens.”
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.