Filecoin drops 2% as crypto markets weaken
Filecoin slipped 2% to $1.28 during Tuesday’s session, tracking broader crypto market flows rather than responding to token-specific catalysts.
The token’s price action remains closely tied to the crypto market sentiment, according to CoinDesk Research’s technical analysis model. This tight correlation indicates large order flows are driving the price moves rather than fundamentals for Filecoin, according to the model.
The broader crypto market gauge, the CoinDesk 20 index, was 0.6% lower at the time of publication.
Trading volumes for Filecoin reinforce the consolidation theme, with 24-hour activity 7.3% above weekly averages signaling measured participation, the model said.
The model also showed that volume patterns support…
