Filecoin Surges 5%, Forms Distinct Uptrend

Filecoin

rose 3.74% to $2.64 in the past 24 hours, forming a distinct uptrend characterized by progressive higher lows, according to CoinDesk Research's technical analysis model.

The rally produced lows at $2.54 and $2.55 that served as reliable support zones, while encountering initial resistance near $2.62-$2.63 before achieving a decisive breakthrough during Asian market hours.

Theoriq AI is working with the Filecoin Foundation to develop AI agents trained on open data from the network, Filecoin said in a tweet on X yesterday.

The rally in Filecoin came as the wider crypto market also rose, with the broader market gauge, the CoinDesk 20, recently up 4%.

Technical Analysis:

• FIL ranged from $2.56 to $2.66 during the 24-hour session, achieving a robust 4.75% increase.
• The cryptocurrency developed successive higher lows at $2.54 and $2.55 price points offering reliable support throughout the trading period.
• Resistance materialized near $2.62-$2.63 before experiencing a definitive breach during the Asian morning.
• Volume examination indicates substantial institutional engagement with peaks surpassing 5.4 million at around 05:00 UTC, markedly above the 24-hour mean of 2.8 million.
• The total trading bandwidth encompasses $0.15 between the absolute peak of $2.69 and valley of $2.54, establishing a 5.56% fluctuation range.
• The sharp reversal from the $2.66-$2.67 resistance area coincided with elevated volume exceeding 150,000.