Share this article
Filecoin Drops Over 6%, Breaks Key Support at the $2.38 Level
FIL encountered significant bearish momentum during the 24-hour period
Updated Aug 7, 2025, 4:34 p.m. Published Aug 1, 2025, 1:29 p.m.
Make us preferred on Google
What to know:
- Filecoin slid more than 6% Friday.
- The token broke key support at the $2.38 level.
Filecoin displayed sharp volatility with a trading range of over 6% during the last 24-hours, according to CoinDesk Research's technical analysis model.
The token broke key support at the $2.38 level on high volume, the model showed.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
AI platform SingularityNET has chosen Filecoin for metadata storage through Lighthouse, according to a post on X.
In recent trading, FIL was 4.6% lower over 24 hours, trading around $2.36.
The decline in Filecoin came as the wider crypto market also fell, with the broader market gauge, the Coindesk 20, recently 3.6% lower.
Technical Analysis:
- Filecoin encountered significant bearish momentum during the 24-hour period.
- The cryptocurrency breached essential support at $2.38 during overnight trading periods, with volume surges reaching 7.54 million indicating potential institutional distribution activity
- Descending channel pattern formed during final 60 minutes of trading period.
- Failed reclaim of key technical levels suggesting continued downside momentum.
- FIL demonstrated recovery signals in the final hour, advancing to $2.35 with strong purchasing interest and volume peaks of 91,211 shares.
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.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
Top Stories
