FIL Token Slides 6.44% Amid Cautious Market, Holds Key Support as Traders Eye Reversal

Filecoin (FILUSDT) experienced a 6.44% price decline over the past 24 hours, dropping from an open of $2.297 to $2.149 on Binance. This downward movement follows a period of relatively flat trading and consolidating prices in the $2.17–$2.35 range, with the broader trend since late May showing a gradual decrease from previous highs near $3.08. The recent price drop appears to be driven by subdued trading activity and a lack of immediate bullish catalysts, despite positive developments such as Filecoin's ongoing innovation in decentralized storage solutions and its recognition as a top gainer and market contender in recent news. Technical indicators show FILUSDT holding above the support trendline of a falling wedge pattern, with the 21-day moving average acting as resistance, suggesting the market is watching for a potential reversal but remains cautious in the short term. Trading volume remains significant at 3.62 million FIL, with liquidity above $8.16 million, but current sentiment is neutral to slightly bearish as investors await further confirmation of a trend change.