Filecoin Plunges 6% as Selling Pressure Increases, Crypto Market Retracts
Main Idea
Filecoin's price dropped 6% amid increased selling pressure, with resistance at $2.66 and support forming around $2.50, while the broader crypto market also declined.
Key Points
1. Filecoin fell 6% in 24 hours, dropping from $2.66 to $2.51.
2. Resistance is established at $2.66, with support forming around $2.50.
3. Heavy selling pressure occurred between July 14, 14:00-03:00 UTC, driving the price down from $2.65 to $2.46.
4. Institutional interest emerged at lower levels, with trading volumes exceeding 71,000 at 09:19 UTC.
5. Filecoin recently partnered with Avalanche to optimize smart contract handling and data storage.
Description
Filecoin (FIL) crashed 5.6% in the 24-hour trading session from July 14 10:00 UTC to July 15 09:00 UTC, sliding from $2.66 to $2.51, according to CoinDesk Research's technical analysis model. The model shows that the token posted a volatile 7.52% intraday movement. The slump in token of the decentralized storage network came as the wider crypto market also fell, with the broader market gauge, the CoinDesk 20, recently down 3.8%. Filecoin recently announced a partnership with blockchain Avalanche...
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