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.