The post Filecoin (FIL) Drops 5.6% as Trading Volumes Decline – Technical Analysis Shows Key Support Test appeared on BitcoinEthereumNews.com.

Felix Pinkston
Jul 30, 2025 12:57

FIL price falls to $2.49 (-5.6% in 24h) amid weakening market sentiment. Technical indicators suggest oversold conditions near critical support levels.

Quick Take • FIL currently trading at $2.49 (-5.62% in 24h) • Filecoin’s RSI at 43.84 indicates neutral territory with potential oversold conditions developing • Recent 3.06% decline on July 29th driven by falling trading volumes and broader market weakness What’s Driving Filecoin Price Today? The FIL price has experienced significant downward pressure over the past 48 hours, with the most recent 5.62% decline bringing Filecoin to $2.49. This selloff follows yesterday’s 3.06% drop to $2.60, which was attributed to reduced trading volumes and weakening sentiment across the broader cryptocurrency market. The current price action represents a continuation of the bearish momentum that began after Filecoin’s brief recovery on July 27th, when the token closed higher at $2.701 with bullish momentum and expanding volume. However, this positive movement was short-lived as market participants became increasingly cautious ahead of Federal Reserve policy decisions and broader macroeconomic uncertainties. Despite recent protocol developments showing promise for the network’s long-term growth, including the July 26th protocol upgrade that drove increased storage demand and a 3.10% price surge, the immediate market reaction has been overshadowed by technical selling pressure and reduced investor appetite for risk assets. FIL Technical Analysis: Bearish Signals Emerge The current Filecoin technical analysis reveals several concerning indicators for short-term price action. Filecoin’s RSI stands at 43.84, positioning the token in neutral territory but trending toward oversold conditions. While this isn’t yet at extreme oversold levels, the declining momentum suggests further weakness could push the FIL RSI below 30. Filecoin’s moving averages paint a mixed picture with the current price of $2.49 sitting below most short-term averages.…

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Filed under: News - @ July 31, 2025 10:28 am