$FIL fell 2% to $1.28 during Tuesday's session, following the broader flows of the cryptocurrency market rather than responding to specific token catalysts.
The price action of the token remains closely linked to cryptocurrency market sentiment. This tight correlation indicates that large order flows are driving the price fluctuations of Filecoin, rather than the fundamentals.
The main support remains at $1.27, while resistance remains firm at $1.35 from volume-driven peaks.
24-hour activity being 7% above the weekly average shows consistent participation from large holders, with an 85% increase in volume during the test of $1.35, confirming the key resistance.
The formation of higher lows, from $1.266 to $1.276, within a range of $0.087, indicates an accumulation phase.
The immediate bullish target is located in the $1.285-$1.290 zone, based on the range extension, with broader resistance at $1.35 requiring an increase in volume to be overcome.
