Filecoin Gains as Much as 9% as the Token Breaks Out on High Volume

Filecoin FIL$1.2728 exhibited remarkable bullish strength in the last 24 hours, climbing from $2.44 to $2.65 in a decisive 9% advance, according to CoinDesk Research's technical analysis model.

The momentum intensified notably during the 16:00-21:00 timeframe on July 10, as price rocketed from $2.44 to $2.58 amid extraordinary trading volume of 8.18 million tokens at the 21:00 mark, significantly exceeding the 24-hour average of 3.67 million, the model showed.

Price broke through key resistance levels at $2.60-$2.61 with strong volume support, according to the model.

The move higher in Filecoin came amid an explosive rally in crypto markets, with the broader market gauge, the Coindesk 20, recently up 7%.

Bitcoin BTC$87,712.72, the world's largest cryptocurrency, also hit a new record high of $118,739.

In recent trading, FIL was up 7.3% over 24 hours, trading around $2.62.

Technical Analysis:

• Exceptional volume of 8.18 million tokens during 21:00 hour, well above 24-hour average of 3.67 million.
• Price broke through key resistance levels at $2.60-$2.61 with strong volume support.
• Key support emerged at $2.43 with multiple successful retests throughout the session.
• Asset maintained higher lows throughout session, confirming uptrend integrity.
• Classic technical pattern with tight range oscillation followed by decisive upward thrust.
• Strategic volume increases during 09:15-09:17 window with 120,066 and 78,189 tokens respectively.

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.