Filecoin Price Analysis: FIL drops 40 percent, set for a swift rebound overnight?

TL;DR Breakdown Filecoin price analysis is bullish for today.FIL/USD saw a 40 percent spike lower today.Filecoin found support above $70 previous support.  Filecoin price analysis is bullish today as the market has declined by 40 percent over a couple of hours earlier today and is currently recovering. Therefore, we expect FIL/USD to rally over the next 24 hours and regain some of the loss next. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded with a substantial loss over the last 24 hours as a rapid decline was seen across the board over the past hours. The market leader, Bitcoin, is down 9.27 percent, while Ethereum has lost 12.31 percent. Filecoin is among the worst performers, with a loss of 20 percent.  Filecoin price movement in the last 24 hours: Filecoin briefly drops to $71 FIL/USD traded in a range of $73.10 – $110.69, indicating massive volatility over the last 24 hours. Trading volume has increased by 4.88 percent and totals $3.86 billion, while the total market cap trades around $8.59 billion. FIL/USD 4-hour chart: FIL recovers above $80 On the 4-hour chart, we can see the Filecoin price action rejecting further upside and starting to advance again after a quick spike to the $71 mark. FIL/USD 4-hour chart. Source: TradingView Filecoin price action saw moderate bullish momentum during the end of August after a new higher high was set at $82. After several days of consol...