Support Holds at $2.49 as Resistance Caps Upside Momentum
Filecoin (FIL) managed to narrow its losses after sliding nearly 7% earlier this week, with the price now holding steady around $2.48. The sell-off brought the token down to a key support zone near $2.49, which has so far prevented further declines.
On the upside, resistance remains firm at approximately $2.68, an area that has repeatedly rejected bullish attempts over the past sessions.
“This price action is a textbook example of a market consolidating between defined levels,” noted BITX technical analyst. “Breaking above $2.68 could trigger a stronger move, while losing $2.49 may open the door to deeper losses.”
The 4-hour chart reveals that FIL recently emerged from a prolonged descending channel, breaking out in late July before rallying toward the $2.70 range. However, sellers stepped in at this resistance, pushing the price back toward mid-range levels.
Current trading volume shows reduced intensity compared to the breakout phase, suggesting a cooling market mood. The green support zone between $2.30–$2.49 remains a crucial demand area where buyers have consistently stepped up. Conversely, the red resistance band above $2.65 continues to cap rallies.
Short-term sentiment will hinge on whether FIL can sustain above its immediate support. A decisive push above $2.68 could pave the way toward the $2.80–$3.00 zone, while a breakdown might revisit the $2.30 area.
With momentum indicators flattening and no immediate signs of heavy accumulation, traders may adopt a range-bound strategy until the market provides a clear breakout signal.
For now, $2.49 is the line in the sand for bulls, while $2.68 remains the ceiling to watch for any renewed upside.
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.