Filecoin Confronts Persistent Selling Pressure as Token Slumps 4%

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 ￰0￱ session, according to CoinDesk Research's technical analysis ￰1￱ 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 ￰2￱ token breached key support levels amid institutional liquidation and elevated-volume selloff, according to the ￰3￱ last week saw core protocol updates, new AI initiatives and ongoing preparations for FIL Dev Summit 7, the network said in a post on ￰4￱ 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 ￰5￱ support thresholds breached at $2.39, $2.37, and $2.36 indicating technical ￰6￱ 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 ￰7￱ more information, see CoinDesk's full AI Policy .