Filecoin drops 7% amid key support breakdown, risking further decline to $0.65 support zone

Filecoin (FIL) fell 7% in 24 hours, extending its weekly loss to 26% after losing a critical support zone between $0.80 and $0.83. This support had held for nearly two months but its failure led to a sharp 47% drop from May highs. The current market shows bearish momentum with oversold conditions, suggesting a possible short-term bounce. However, FIL must reclaim $0.83 to signal recovery; otherwise, it risks falling further toward the next support near $0.65 and potentially $0.58-$0.60 if that fails.