FIL shows a short-term rebound near $1.56 after steep declines, with traders watching for confirmation above the $1.70 zone to signal possible recovery momentum.
Filecoin (FIL) experienced a 4% intraday price spike, rebounding from recent lows near $1.50 after weeks of heavy selling pressure. The move comes as buyers cautiously re-enter the market following an extended downtrend, though sentiment remains mixed amid broader market uncertainty.
The daily chart reveals FILUSDT attempting to stabilize after a dramatic correction that erased over 50% of its value in October. Price action shows the token trying to recover from a critical support area between $1.45 and $1.60, while facing resistance at $2.10–$2.40, highlighted in green and red zones on the chart.
“This rebound looks more like a relief move than a confirmed reversal,” commented one of BITX technical analyst. “If Filecoin can maintain support above $1.55 and push past $1.80, it could regain some positive momentum in the coming sessions.”
Historically, Filecoin has struggled to sustain rallies following major breakdowns, often consolidating for several weeks before showing direction. The current spike reflects short-term speculative activity, likely influenced by oversold conditions and a temporary uptick in trading volume.
The chart also indicates a descending channel breakout attempt earlier this year that failed to sustain above resistance, leading to renewed bearish momentum. However, the recent bounce suggests buying interest near long-term support zones, providing a potential foundation for gradual recovery.
“Volatility is elevated, but accumulation patterns are beginning to form near the $1.50 region,” According to BITX senior market observer. “A confirmed daily close above $1.70 could signal the start of a short-term relief rally toward $2.00.”
While the broader crypto environment remains cautious, the defense of current levels could prove pivotal for Filecoin’s technical structure going into November. Sustained consolidation above $1.50 would reduce downside risks and potentially set the stage for a medium-term base formation.
Filecoin’s 4% price spike reflects a fragile yet notable shift in momentum after a prolonged sell-off. The $1.55–$1.70 range will be crucial for bulls to defend as traders monitor whether this rebound evolves into a sustainable trend. For now, stability above key support levels remains essential for any potential recovery toward the $2.00 resistance zone in the weeks ahead.
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.