Filecoin FIL Price Drops 7% Amid Heavy Selling Pressure - Technical Analysis

Filecoin (FIL) experienced a significant 7% price decline over the past 24 hours, dropping from $2.39 to $2.23 according to CoinDesk Research's technical analysis. The cryptocurrency showed 7.9% volatility with a $0.19 trading range. Heavy selling pressure dominated at the $2.41 resistance level as trading volume surged to 5.92 million tokens, significantly exceeding the 3.42 million daily average. Despite the bearish momentum, bulls successfully defended the $2.23 support level with volume spikes exceeding 4.8 million tokens. Technical indicators revealed classic capitulation patterns suggesting potential base formation above the critical $2.23 floor. In recent trading sessions, FIL stabilized around $2.26, representing a 5.1% decrease. The broader cryptocurrency market also declined, with the CoinDesk 20 index falling 3.6%. Technical analysis highlights include strong seller defense at $2.41 resistance, multiple successful bull defenses at $2.23 support, trading volume explosions exceeding 5.92 million tokens, textbook capitulation patterns followed by relief bounces, volatility compression indicating potential seller exhaustion, and new consolidation formation around $2.25 following dramatic intraday recovery.