Filecoin Price Analysis: FIL swiftly drops to $60, set to reverse today?

TL;DR Breakdown Filecoin price analysis is bullish for today.FIL/USD found support above $60.Bears are likely exhausted after a sell-off. Filecoin price analysis is bullish today as we can see support found at the $60 mark after a strong sell-off yesterday. Therefore, we expect FIL/USD to reverse later today and look to regain some of the loss. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded with bullish momentum over the last 24 hours. Bitcoin gained 2.91 percent, while Ethereum is up by 3.48 percent. Meanwhile, Tezos (XTZ) is the best performer today, with a gain of almost 20 percent. Filecoin price movement in the last 24 hours: Filecoin swiftly move to the $60 mark FIL/USD traded in a range of $59.23 – $64.52, indicating large volatility over the last 24 hours. Trading volume has declined by 18.47 percent and totals $1.39 billion, while the total market cap trades around $6.78 billion, ranking the coin in 23rd place overall. FIL/USD 4-hour chart: FIL set to bounce today? On the 4-hour chart, we can see the Filecoin price action rejecting further downside, indicating an upcoming reversal. FIL/USD 4-hour chart. Source: TradingView The overall Filecoin price action has seen bearish momentum return this week. After a strong drop from the $120 all-time high set on the 6th of September, FIL/USD lost 40 percent until support was established around the $75 mark. What followed was a consolidatio...