Filecoin was just a few percentage points lower, declining by 2% to trade around $1.28 as the crypto markets largely stabilized.

Price action maintains a dominant relationship with overall market sentiment, indicating huge market order flows as opposed to those of Filecoin. The Cryptocurrency market remained under tension as the declined by approximately 0.6% at the time.

The market data shows a story of consolidation. The volumes in the last 24 hours were roughly 7% higher than the average volumes for the week, and such volumes are representative of a measured approach and lack any kind of vigor to propel the market further.

Filecoin probed resistance around $1.35 during the current market, resulting in an intense volume spike. However, the prices were rejected and subsequently ranged around a specific level, indicating that sellers were acting as strong resistance at higher levels.

The level of support is strong at 1.27, whereas resistance is set at 1.35.

Higher lows from 1.266 to 1.276 show accumulation in an approximate range of 0.09. The immediate upside is pegged at $1.285 to $1.29, while any breakout above $1.35 would require a healthy increase in volumes.

$FIL #fil