While the Factom digital currency was trading in a volume-less grind for most of October and November of last year – December ushered in a massive rally that catapulted Factom to an all-time high of 0.0020399. The market has cooled quite a bit since hitting that high on the 21st of December, and some very clear pivot zones have emerged on the chart. The 0.00137 area provided a lot of support since the start of the year. Price plunged underneath this pivot area today, so 0.00137 has a very high chance of now turning into resistance. If price fails to break above 0.00137 in the next few days, another sell-off is very likely to take place!
The 0.001 area is also an important technical level. This area acted as resistance towards the end of December, and then as support on January 1. This level also acted as support today. Mark this level on your charts!
Although market sentiment is looking bearish right now, the trend line on the 4-hour chart still hasn’t been violated. However, another sell-off that pushes price below this trend line will most likely signal the beginning of a bear market.
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_fct
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…
Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…
The crypto market is a buzz with promising presales as 2024 draws the curtains. With…
The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…
The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…
In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…