Filecoin (FIL) spiked 3% followed by a 2% decline as volatile trading configurations emerged amid evolving market dynamics, according to CoinDesk Research's technical analysis model.

In recent trading FIL was 3.4% higher over 24 hours, trading around $2.32.

The model showed that the overall trading range was $0.15, or 6%, between the low of $2.23 and the high of $2.38.

Critical resistance materialized at $2.38 with high-volume rejection during peak trading activity, according to the model.

The wider crypto market was little changed, with the broad market gauge, the Coindesk 20, up 0.2%.

Technical Analysis:

• FIL progressed from $2.25 to $2.32 representing a 3% gain during the preceding 24-hour period
• Overall trading range encompassing $0.15 (6%) between the absolute nadir of $2.23 and zenith of $2.38.
• Two distinctive rally phases were identified: a preliminary ascent to $2.28 followed by another climb on Sept. 5.
• Price trajectory peaked at $2.38 on exceptionally elevated volume of 7.23 million, substantially exceeding the 24-hour average of 2.47 million.
• Critical resistance materialized at $2.38 with high-volume rejection during peak trading activity.
• Support levels consolidated around $2.23-$2.24 during initial trading hours.
• Subsequent decline from $2.36 to $2.32 representing a 2% contraction during the final 60 minutes.
• Exceptional volume spikes reaching 425,701 indicating institutional selling pressure.
• Substantial institutional selling volume peaked at nearly double the session average during the concluding hour.

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 standards. For more information, see CoinDesk's full AI Policy.

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