Filecoin (FIL) Edges Higher After Giving Back Earlier Gains

FIL$1.6405 rose 0.4% over the last 24 hours, underperforming wider crypto markets, according to CoinDesk Research’s technical analysis model.

The token earlier climbed as much as 2% before selling off. The broader market gauge, the Coindesk 20 index was 1.7% higher at publication time.

The model showed that the decentralized storage token traded within a tight $0.06 range, building higher lows from its $1.595 opening before hitting resistance near $1.685.

Volume surged 23% above seven-day averages, signaling institutional positioning despite FIL’s relative weakness.

Filecoin is holding a developer summit in Buenos Aires, on Nov. 13-15, according to a post on X.

Technical Analysis:

• Primary support established at $1.625.
• Resistance zone identified between $1.634-$1.6856 based on volume-weighted analysis.
• Critical consolidation platform developed above $1.630 before late-session breakdown.
• 24-hour volume exceeded weekly average by 23%, indicating institutional participation.
• Peak volume event at 5 million tokens (89% above SMA) confirmed support testing.
• Final three-minute selling pressure exceeded 140K tokens, signaling profit-taking.
• Ascending trendline with higher lows established from $1.595 opening.
• Bullish consolidation above $1.63 negated by late-session selling pressure.

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.