At press time, Filecoin’s [FIL] slid by 7% in the last 24 hours, extending its weekly decline to 26%. FIL’s recent decline reflects more than a failed rally. It reflects the loss of a structure that had supported price action for nearly two months.
Between late March and May, the $0.800-$0.830 zone repeatedly absorbed selling pressure and helped establish a base for the advance toward $1.35. However, that support eventually failed, sending FIL 47% below its May peak and roughly 11% beneath the former demand zone.
That breakdown changed market behavior. Buyers who accumulated within the range are now holding losing positions, which increases the likelihood of selling on any rebound. As a result, the $0.800-$0.830 area now acts as the key battleground rather than support.
Momentum indicators continue favoring sellers. The RSI sits at 27.63, suggesting oversold conditions, yet not the type of exhaustion that typically marks a durable bottom.
Meanwhile, the MACD remained firmly negative at press time, showing bearish momentum has yet to stabilize. Therefore, a short-term bounce remains possible, but unless FIL reclaims $0.830, the broader trend continues favoring a move toward the next support near $0.650.
FIL faces support test near $0.67
