Despite extremely bearish movements across the market, Factom has been holding its value and undergoing a recent surge. The cryptocurrency which focuses on using blockchain technology to build data integrity and trust systems had been holding support solidly around $4 despite the rest of the market sharply declining. The cryptocurrency which is ranked 47th in terms of total market cap has been holding this support level since mid-August.
The cryptocurrency has partnerships driving it with the Bill and Melinda Gates Foundation after making contributions to the project. The price began to sure in mid-November despite the rest of the market steeply declining. Price currently trades around $10.30 after reaching an intraday high of around $14 today. The surge in the project has managed to move above several potential resistance points including the 200 EMA and the $10 point showing that there is significant strength behind this surge.
Momentum is currently on the side of the buyers with both the daily MACD and RSI increasing. The RSI has entered overbought territory but this likely to have little impact amid the strong buyer momentum.
The bullish movements for Factom are likely to continue as Coincheck has relisted the altcoin to their exchange. This opens up new routes for fiat capital as users can purchase Factom with Japanese Yen through the exchange.
- Factom has both held key support and surged despite the rest of the market undergoing extremely bearish movements.
- Price has overcome numerous potential resistant points including the 200 EMA and $10 mark showing that there is real strength behind this surge.
- The rise is likely to continue with strong buyer momentum and Coincheck relisting the altcoin opening it up to Japanese Yen capital.