Despite the bearish market condition which took place over the past few weeks, Factom has continued outperform other major cryptocurrencies. Trading in Factom was volatile yesterday, but the price has managed to continue its increase and currently trades close to $14.
Price underwent a retracement last week after drops occurring across the market and a bearish divergence taking place between the price and RSI of Factom. The retracement resulted in price dropping close to around $7, but it managed to bounce from this point.
Price has since managed to rise above resistance at the 200 EMA. It returned to this point yesterday, but the level acted as support. Momentum has been strong on the side of buyers in Factom with both the RSI and MACD increasing.
The initial increase in Factom took place from support around $4. It has since increased by over 200% and looks likely to continue its increase. The fact that Factom has been able to appreciate during bearish market conditions would indicate that investors consider the project fundamentally strong and may be setting up for an even better performance the next time the market is predominantly bullish.
The project has significant funding backing it with investments from Tim Draper’s Draper Associates and the Bill and Melinda Gates Foundation. The project deals with trust and data integrity solutions by applying blockchain technology.
- Factom continues to outperform despite the recent bearish market conditions.
- Volatile price action trading yesterday met support at the 200 EMA but since went on to increase to around $14.
- Factom has a good chance of continuing its increase with strong buyer momentum reflected in the increasing MACD and RSI. The project also has significant backing.
Factom [FCT] Continues to Outperform After Volatile Trading Session was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.