FIL drops 3.6% to $1.52, can it hold the support level?

Question

【Crypto World】Filecoin has declined to $1.5218 in the past 24 hours, a drop of 3.6%, as the entire crypto market is experiencing a correction. Trading activity, however, has increased—24-hour trading volume is 30% higher than the 30-day moving average, and last night it even surged to 7.3 million tokens, a 95% increase over the average level.

In terms of price performance, FIL has fluctuated within the range of $0.08, with an intraday high of $1.61 and a low of $1.52. Interestingly, when the price approached the $1.60 resistance level, trading volume significantly increased, and then found support around $1.52, forming a range-bound consolidation pattern with repeated tests.

From a technical perspective, support is just above $1.55. If this level is broken, whether $1.52 can hold will become the next focus. Once $1.52 is broken, technical indicators suggest there is still a risk of further decline. Currently, although trading volume is increasing, market confidence still seems somewhat fragile.

LiquidityWitch · Accepted Answer

If fil breaks 1.52 this time, you really need to be careful, it feels like testing the bottom

The trading volume is surging so strongly, I don't know if institutions are bottom-fishing or if they are about to cut the leeks again

If 1.55 doesn't hold, it will drop straight down, let's watch the show

It feels like repeatedly confirming support, a bit annoying

This price is repeatedly testing, need to wait for the monthly signal before acting

Break the level and run, we're not greedy

Volume is soaring so high, is it long or short? Really tangled

Sounds like the old trick again, first drop then rally

After such a long consolidation, a direction will be chosen sooner or later

Once 1.52 is lost, it will be awkward, need to keep an eye on it

MEVHunter · Answer

volume spike screams fake breakdown tbh... watching that 1.52 like a hawk rn, if it cracks we're eating losses hard

RumbleValidator · Answer

1.52 is really a key level to hold. Once broken, it may continue to test lower levels. This can be inferred from the trading volume data.

ThatsNotARugPull · Answer

1.52 USD this threshold feels a bit precarious. Despite the surge in trading volume, the price is still dropping.

Breaking 1.55 would be troublesome. At that point, it really depends on whether we can hold at 1.52; otherwise, we might continue to test lower levels.

Despite the explosive trading volume, the price is still falling. This pattern feels a bit familiar...

Wait, with 7.3 million tokens traded and volume doubling, is this a dump or a bottom-fishing? It's a bit hard to understand.

The amplitude of FIL is quite large. Short-term trading should be cautious. The resistance at 1.60 hasn't been broken yet.

No, with such high volume, there must be some major players involved. The question is, what are they up to?

If 1.52 breaks, it's really over. The price could drop all the way down. Who will save the market?

FadCatcher · Answer

1.52 this line... if it can't hold, it feels like it's going to break bottom

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Trading volume surges but still drops, this signal is a bit strange

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fil is dropping again, when can I get in, brothers

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If 1.55 breaks, then we have to see if 1.52 can hold. Right now, it's all about this line

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Despite such a strong trading volume, it still drops by 3.6%, the main force is probably dumping

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Support levels are being tested repeatedly, the bears are a bit fierce

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If 1.52 is lost, the risk of further decline is really high. Maybe we should wait and see

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The whole market is adjusting, and fil's decline isn't particularly severe

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This consolidation pattern looks like it's about to break out

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The key is whether it can hold 1.55; otherwise, a chain reaction will be triggered

LazyDevMiner · Answer

FIL is still testing the bottom this wave, must hold at 1.52, or else it will really keep digging a hole

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Trading volume surged by 95%? That's not a good sign... Usually a sign of a dump before a fall

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If 1.55 breaks, we have to turn bearish. Should we buy the dip or cut losses? Conflicted

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Watching these support and resistance levels every day is tiring; mining is more stable

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Why did it drop again? Is it not allowing people to mine properly?

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This correction is a normal pullback, right? Or is it really going to collapse?

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7.3 million in trading volume, it looks like someone is dumping

FIL drops 3.6% to $1.52, can it hold the support level?

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