Filecoin (FIL) confronted intense selling pressure as the token penetrated multiple support thresholds at $2.39, $2.37, and $2.36 amid exceptionally robust trading volumes on Tuesday morning during the U.S. trading session, according to CoinDesk Research's technical analysis model.

The model showed the decentralized storage network's native cryptocurrency experienced its most severe contraction during the last trading hour, with panic selling evident as volume reached 530,000 within a singular minute.

The token breached key support levels amid institutional liquidation and elevated-volume selloff, according to the model.

The last week saw core protocol updates, new AI initiatives and ongoing preparations for FIL Dev Summit 7, the network said in a post on X.

In recent trading, Filecoin was 4.4% lower, around $2.31.

The wider crypto market also declined, with the broad market gauge, the CoinDesk 20, down 3.4%

Technical Analysis:

• Resistance levels at $2.41-$2.42 maintained firmness during early trading sessions before subsequent breakdown.
• Multiple support thresholds breached at $2.39, $2.37, and $2.36 indicating technical vulnerability.
• Volume surge to 5.67 million during selloff confirms institutional liquidation patterns.
• Single-minute volume peak of 530,000 suggests panic selling and capitulation.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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