Filecoin (FIL) rose as much as 2% in the last 24-hours after defending key support at the $2.38 level, according to CoinDesk Research’s technical analysis model.
The model showed that the token traded in a $0.16 range between $2.38-$2.55, marking 6.7% intraday volatility.
Volume exploded to 13.11 million tokens at July 30 19:00, quadruple the 2.29 million daily average, as price hit the $2.38 low. Bulls immediately defended this level, triggering a sharp reversal, according to the model.
The next Filecoin Orbit all hands, a community program run by the Foundation, is taking place today, according to a post on X. Attendees will be able to hear about new updates, including new roles within the Orbit program.
The bounce in Filecoin came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 1.7%
In recent trading, FIL was 1.2% higher over 24 hours, trading around $2.505.
Technical Analysis:
$0.16 trading range equals 6.7% spread between $2.55 p
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