Filecoin FIL$2.3508 crashed through critical support levels while falling 10% to $2.34 in 24 hours, according to CoinDesk Research's technical analysis model.
The model showed that heavy selling pressure overwhelmed buyers' requests as consecutive lower highs confirmed a technical breakdown pattern.
Trading volume exploded to 21 million tokens, 137% more than the 24-hour average of 8.9 million, according to the model.
FIL smashed through key support at $2.50 and $2.40 as institutional-sized orders triggered cascading stop losses, the model said.
Technical Analysis:
Primary support holds at the $2.35 previous low, with broken $2.40 and $2.50 levels now overhead resistance
Exceptional volume of 21 million tokens (137% above 8.9 million simple moving average) confirms breakdown validity with institutional participation patterns
Clear downtrend formation with consecutive lower highs from $2.67 resistance, confirming bearish momentum structure
Immediate downside target at $2.30 psychological level, while recovery requires reclaim of $2.40 broken support zone
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