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
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