Filecoin (FIL) leads altcoin recovery with strong volume and key support formation
Filecoin (FIL) posted an impressive 14% gain over the past 24 hours, standing out as one of the top-performing altcoins in the market’s ongoing recovery. The surge followed a wave of positive momentum across the crypto space, largely attributed to easing geopolitical tensions after a ceasefire between Israel and Iran.
Strong Support Zones Confirm Bullish Outlook
FIL’s price surged from $2.051 to a peak of $2.3478, showcasing consistent buying pressure and positive sentiment. The asset formed strong support around the $2.24–$2.25 zone, which was tested multiple times. Each test resulted in a bounce to higher levels, confirming this range as a critical technical support zone.
Support at $2.24–$2.25 has held firm, with each dip met by renewed buyer interest.
The CoinDesk 20 Index, a broader measure of leading cryptocurrencies, also rose 8.7%, reflecting growing investor confidence across the sector.
Technical Setup Suggests Continued Momentum
- Uptrend Formation: FIL exhibited higher lows and higher highs, particularly evident during the 22:00 session on June 23rd, when it broke above $2.27 on above-average volume of 7.58 million.
- Resistance Levels: A 4-hour consolidation phase between $2.27–$2.30 suggests accumulation before a possible breakout. The $2.31 mark now serves as immediate resistance.
- Short-Term Volatility: FIL traded tightly between $2.29–$2.30 before dipping to $2.28, which then acted as a new minor support level.
- Volume Spikes: Trading volume surged to over 112,000 units at 15:42 during the correction, followed by a strong recovery, hitting $2.301 by 15:52 with volume exceeding 124,000, indicating continued bullish interest.
Market Sentiment and Outlook
This rally in Filecoin aligns with broader market optimism. The geopolitical de-escalation and increasing investor interest in digital assets have improved risk sentiment. With technical strength and robust volume support, Filecoin is well-positioned for further gains, provided it can hold above $2.25 and break $2.31 resistance.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.