The information in your query is correct. Filecoin (FIL) did drop approximately 7.5% today, breaking below key support and potentially targeting levels near $1.32.
📉 Price Performance & Key Levels
Here are the key details from the December 11th session:
· Price Movement: Fell from $1.48** to **$1.38.
· Percentage Decline: Approximately 7.3% - 7.5%.
· Critical Support Broken: $1.43.
· Current Support: Session low near $1.37.
· Immediate Resistance: The broken $1.43 level now acts as resistance.
· Trading Volume: Spiked 85% during the breakdown, indicating strong selling pressure.
📈 Market Context & Technical Outlook
Today's drop is part of a broader market weakness, with DePIN (Decentralized Physical Infrastructure Networks) and AI-related tokens leading the decline. Technically, analysts point to a clear downtrend forming, with the price creating lower highs since a recent peak near $1.55.
Looking ahead, analysts have identified the following potential price targets if the current support fails:
· Near-term target: $1.30 - $1.35 range.
· Further downside targets: $1.20 and $1.00 levels.
For a potential recovery to begin, FIL's price would need to reclaim the $1.43 level to turn it back into support.
💎 Key Takeaways
· The breakdown below $1.43 was a significant technical event, confirmed by a surge in selling volume.
· The current trend is bearish, with the next major test at the $1.30 - $1.35 support zone.
· The price action is influenced by sector-wide selling in DePIN and AI tokens, not just FIL-specific factors.
To help you better understand this price movement, would you be interested in a comparison of how FIL's recent performance stacks up against other major DePIN or AI tokens over the past week?
