Filecoin Trades Little Changed, Underperforms Wider Crypto Markets

Source: CryptoNewsNet Original Title: Filecoin Trades Little Changed, Underperforms Wider Crypto Markets Original Link: Filecoin dropped 0.2% to $1.37 over the last 24 hours as the token underperformed the wider crypto markets.

The broader market gauge was 3% higher at publication time.

FIL trading activity jumped 29% above the seven-day average, signaling heightened institutional interest according to technical analysis.

The elevated volumes suggested smart money repositioning, with buyers stepping in at key technical levels.

Filecoin traded to a session high of $1.397 before distribution pressure mounted during the last hour. The move established new short-term resistance near $1.40 and support at $1.36.

Technical Analysis

• Resistance formed at $1.40 session high
• Trading activity peaked at 5.9 million tokens during the 21:00 hour on Dec. 11, 68% above 24-hour averages
• Final hour distribution pressure generated 642,087 tokens in volume during the breakdown sequence
• Higher lows at $1.3577 and $1.3661 suggested underlying accumulation despite sector headwinds
• Immediate upside targets at $1.3975 resistance and $1.40 psychological level
• Downside risk extended to $1.39 session open, with major support zone beginning near $1.36 from the previous consolidation low