Filecoin (FIL) Rises Over 4% as Token Rebounds

FIL$1.4932 posted a 4.3% gain in the past 24 hours, amid a rally in the broader crypto markets, rebounding from yesterday’s big declines.

The broader market gauge, the CoinDesk 20 index, was 2.5% higher at press time.

The decentralized storage token traded from a low of $1.40 to a high near $1.52 as traders tested critical support and resistance levels in an ascending channel structure, according to CoinDesk Research’s technical analysis model.

The model showed a key development success on October 30 17:00 when the volume spiked to 5.46 million tokens. This was 98% above the 24 hour moving average.

The surge coincided with a decisive low at $1.41, according to the model. Critical support held firm on subsequent tests. Each wave of recovery has shown increasing buying interest on declining volume. This suggests institutional accumulation above the $1.41 area.

Technical analysis:

• Critical support set at $1.41 with secondary support at $1.48; resistance emerging near $1.52 with potential extension to previous highs
• High volume accumulation pattern at $1.41 support with 98% surge above average; declining volume on subsequent rallies suggested controlled institutional buying
• Intact ascending channel structure with higher bass pattern; Successful $1,516 ceiling test with measured withdrawal
• Target upside at $1.52 resistance zone; risk management below $1.41 support with stop-loss considerations around $1.38 for aggressive positions

Disclaimer: Parts of this article were generated with the assistance of 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.