Filecoin Crashes 6%! Can It Ever Recover?

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Here’s the Scoop:

  • Filecoin just fell 6% – like, can it be any more dramatic?
  • Despite the chaos, it looks like there’s a glimmer of hope for stabilization. Or is there? 🧐

Oh, Filecoin! It had a major meltdown, dropping a solid 5.8% in the last 24 hours. From a decent high of $2.569, it nosedived to a low of $2.406, according to the so-called experts at CoinDesk. Someone call a lifeguard for this token. 🏊‍♂️

But don’t panic just yet. The token seems to have found a little life raft at the $2.41-$2.42 range, which could be its new “I’m okay, I swear!” spot after the sharp dip. Fingers crossed 🤞. The price is currently lounging around $2.425, down a cool 4.9%. 😬

Meanwhile, the CoinDesk 20, the market’s wannabe ruler, took a 2% dip at the same time. Well, that’s not a surprise, is it? 🙄

Technical Drama:

  • So, Filecoin took a wild 5.8% tumble, dropping from $2.569 to $2.406. Yeah, it wasn’t pretty.
  • The crash really hit hard between 10 PM and midnight UTC. Like, who needed sleep? Volume shot up to over 7 million units. Let’s just say people were panicking.
  • It’s currently holding onto a lifeline in the $2.41-$2.42 range. Is this the ‘zone of salvation’ or just a temporary pause before the next drop?
  • The $2.52 support level? Totally destroyed. No more Mr. Reliable.
  • Resistance is now hanging out at $2.56, but let’s be real, it’s more like a brick wall after all that drama. 🚧
  • The sell-off was heavy enough that it’s starting to look like big institutions were doing some ‘spring cleaning’. More downside, maybe?
  • Just when we thought things couldn’t get worse, Filecoin attempted a dramatic V-shaped recovery. It dropped to $2.411, then shot back up to $2.427. Who knew it had that in it? 💥
  • In the final rally, more than 55,000 units traded. So, yeah, some people are still *kind of* interested. 🤑
  • Now it’s bouncing between $2.415-$2.418. Could this be the start of a solid support zone? Let’s hope so.
  • Multiple rejection wicks at $2.420. That’s a no-go zone, folks.
  • All this action points to possible stabilization after the epic dive. But hey, don’t get too comfy. The last few minutes’ low volume suggests we should wait before calling it a complete reversal. ⚠️

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2025-06-17 19:28