Filecoin Gains 2% Alongside Crypto Rally

Filecoin climbed 2% to $1.57 over the last 24 hours, posting modest gains that tracked broader cryptocurrency market movements.

The broader market gauge, the CoinDesk 20 index, rose 1.6%.

The token's volume stayed subdued at just 9.7% above seven-day averages, according to CoinDesk Research's technical analysis model.

Price action showed Filecoin's persistent correlation with wider crypto markets. The token posted only 1% idiosyncratic movement versus the broader digital asset complex, well below the 5% threshold signaling independent price discovery, the model said.

Technical factors dominated trading with no Filecoin-specific catalysts driving sentiment, according to the model.

The model showed that the token built an ascending trendline through most of the session with higher lows at $1.5249, $1.5537, and $1.5581.

Resistance emerged around the $1.59 level.

Technical Analysis:

• Primary resistance sits at $1.59 with multiple rejections; immediate support at $1.57
• Peak trading activity of 8 million occurred during midday volatility; late-session breakdown showed 259,489 volume spike
• Ascending trendline negated by final-hour reversal; consolidation range of $0.0683 represents 4.4% of trading value
• Breakdown below $1.556 targets further downside while reclaim of $1.58 needed to restore bullish momentum