FIL Price Struggles to Hold Above Support as Momentum Fades
Filecoin (FIL) started the week with early gains but quickly lost steam, giving back most of its intraday momentum to trade just above its key support at $1.625. The token, which had briefly attempted to climb higher, now faces a narrow consolidation range between $1.634 and $1.685, signaling uncertainty among short-term traders.
According to the daily chart, Filecoin remains under pressure after failing to sustain its late-summer rebound. The asset’s price action shows repeated rejections near the $2.60–$3.00 resistance area, while buyers continue to defend the $1.60–$1.80 zone, marked by multiple touches over recent months.
“Filecoin’s market structure reflects a lack of conviction from both sides,” said BITX technical analyst. “Until it breaks decisively above $1.70, the bias remains neutral to slightly bearish.”
The broader pattern highlights a descending channel that has contained price action since late 2024, with lower highs and consistent resistance along the upper trendline. Volume data also indicates a gradual decline in trading activity, suggesting reduced participation from large holders following months of sideways movement.
Still, some analysts see potential signs of accumulation near the lower band. Historically, similar volume behavior and prolonged price compression have preceded breakout phases in prior market cycles.
“The $1.60 level is critical for bulls,” another expert noted. “If FIL can stabilize here and push through $1.70, we could see a short-term recovery toward $2.00.”
For now, the immediate resistance lies in the $1.634–$1.685 corridor, while support holds near $1.625. A confirmed close below that threshold could expose the token to deeper downside, possibly testing the $1.40 region last seen in July.
The coming sessions will determine whether Filecoin can regain upward traction or continue its slow grind within the existing downtrend. Traders are advised to monitor volume spikes and candle structure for early signs of a shift in momentum.
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.