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Sharp Reversal for Factom [FCT] After Coincheck Listing

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Factom has been one of the few cryptocurrencies that has been able to hold its value during the market declines which have been occurring. While the rest of the market had been sharply depreciating, Factom held strong support at $4 and began appreciating to a price of around $14 over the past two weeks.

Yesterday’s spike brought price action from an opening around $9.70 to a high near $14. The news was announced yesterday that Coincheck would be listing Factom. This serves to open up key fiat currency capital and traders drove price up in anticipation of this. Price has since reversed closing at $9.4 yesterday and currently trading around $8.4. Today’s low has been around the $7 area with traders struggling to price in the Coincheck listing news correctly.

A bearish divergence between price and RSI also preceded the sharp reversal and may have factored into the decline. The key resistance point from here is the daily 200 EMA and price may struggle to overcome this point on the next rise.

Factom Daily Chart – Source: TradingView.com

Factom has still performed well in comparison to the overall market. It is one of the only coins which has managed to appreciate over the past two weeks. The entire cryptocurrency market cap has decreased from around $211 Billion to approximately $122 Billion over the past two weeks, an over 40% decline.

Overall Cryptocurrency Market Cap

Key Takeaways:

  • Sharp reversal for Factom as traders struggle to price in the listing to Japanese exchange Coincheck.
  • Price has swung from a high of $14 yesterday to a low of around $7 today. Price currently trades around $8.4.
  • Bearish divergence between price and RSI may have also factored into the decline
  • Regardless of the reversal, Factom has still hugely outperformed in comparison to the market. The market cap for all cryptocurrencies has declined over 40% over the past two weeks.

Sharp Reversal for Factom [FCT] After Coincheck Listing was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.