Factom has moved back below $10 after a prolonged bullish increase. The bullish movements in Factom were extraordinary given that it took place amid the most bearish market conditions we have seen in 2018. The bullish movements brought price from support around $4 to a high of almost $20, an over 350% increase.
Price has since decreased back below $10 which acted as a significant resistance point during the price increase. Yesterday, the price dropped to an intraday low of $6 after opening the day at $12.6. These wild swings indicate that traders overextended the price during its increase and this is a significant correction now taking place.
Factom focuses on data integrity solutions by applying blockchain technology. Much of its strong performance over the past month may be due to the strong partnerships supporting the project which include the Bill and Melinda Gates Foundation, and Tim Draper of Draper Associates.
The hourly chart shows the reversal in closer detail. After meeting brief support at $10, once price broke below, it swiftly moved to an intraday low of $6 within the hour and quickly recovered back towards $10. Price is now experiencing some resistance at the $10 area in a classic case of support turned resistance.
- After a bullish movement which brought Factom price from support at $4 to near $20, a swift reversal is taking place with the price now trading below $10.
- After breaking through support at $10 yesterday, Factom quickly dropped to $6 but swiftly recovered returning to near $10.
- Price action now meeting resistance at $10.
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Full-Blown Reversal for the Price of Factom [FCT] was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.