Factom has been one of the best performing cryptocurrencies recently after appreciating from support around $4 about a month ago to around $16 yesterday, a 300% increase. The surge continued today with Factom going on to record an intraday high around $19.50.
However, the return to bearish market conditions has resulted in volatile trading for Factom as it also traded as low as $13.40 today. Price currently trades around the point of its open at $16.16 forming a Doji candle on the daily. A Doji candle is a candle where the open is around the same point as the close and represents indecision on the side of traders. This is likely due to traders trying to assess what the return to bearish market conditions combined with Factom’s strong recent increases means for its price going forward.
It is highly likely that the price will continue to increase given the strong buyer momentum driving the recent increases. The MACD and RSI have been increasing reflecting the strong buyer momentum. There are also large amounts of volume driving the rise showing that there is real strength behind it.
There have also been previous declines during the price increase only to be followed by a continuation in appreciation. The last significant drop took place when a bearish divergence formed between the price and RSI. This drop resulted in price moving from $14 to $7, but these losses were quickly retraced.
- Factom forming a Doji candle as traders assess the return to bearish market conditions.
- Momentum remains strongly on the side of buyers with both the MACD and RSI continuing to increase.
- Volatile trading today but price action looks more likely to continue increasing that to drop from this point.
|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.|