Factom has been the standout performer over the past month. The price has increased from support around $4 to a high of $16 today, a 300% appreciation.

Price has since begun to retrace and currently trades around $15. Momentum is still strongly on the side of buyers making it difficult to assess when this surge has run its course. Both the daily MACD and the RSI have been increasing showing strong buyer momentum.

For the moment, the appreciation looks more likely to continue. The most bullish factor of this surge is that it occurred during the most bearish market conditions we have seen in 2018. The fact that Factom has managed to increase despite the bearish market conditions would indicate it will be more likely to outperform other cryptocurrencies when the market has more bullish conditions.

Factom has strong partnerships supporting it which could be a key factor in why it has managed to hold its value and even appreciate during these market declines. Both the Bill and Melinda Gates Foundation along with Draper Associates are investors in the project. The project provides data integrity solutions based on blockchain technology.

Factom Daily Chart – Source: Tradingview.com

Key Takeaways:

  • Factom continues to outperform and surges to an intraday high of $16, a 300% from its support level it traded at around 1 month ago.
  • Factom has since retraced to around $15, but with momentum strongly on the side of sellers, the price looks likely to continue its appreciation. Both the MACD and RSI have been increasing indicative of the buyer momentum.
  • One of the most bullish factors for Factom has been that it has been surging despite the most bearish market conditions of 2018 taking place.
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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