File currency It fell 7.3% in the past 24 hours, from $1.48 to $1.38, as the decentralized physical infrastructure token triggered an industry-wide liquidation.
According to CoinDesk Research’s technical analysis model, the storage protocol formed a clear downward trend, starting from a peak of $1.55 on December 10.
The model shows that during the crash, trading volume surged to 10.6 million tokens.
The selling gained momentum after FIL failed to regain resistance at $1.52.
The model said that when the price broke through the key support level of $1.43, volume surged 85% above average.
According to the model, the price has only stabilized around the intraday low of around $1.37, suggesting temporary price exhaustion.
The DePIN token contributed to overall weakness in cryptocurrencies, with Bitcoin falling below $91,000. At press time, the CoinDesk 20 index, a broader market gauge, was down 3.4%. As risk aversion grips the digital asset market, capital is diverted away from the infrastructure sector.
Technical analysis:
- Key lower limit is the intraday low of $1.37; resistance is the $1.39 rejection zone, with breakout support at $1.43
- 85% surge in volume confirms institutional selling during support breakout; 6x spike during failed reversal signal distribution
- The next resistance level is $1.43 and the previous support level is $1.43; if the current bottom is broken, the downside target is $1.30-1.35
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and reviewed by our editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
