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Factom Price Tries to Hit $7 as Bullish Momentum Intensifies

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When looking out across the different cryptocurrency markets, it quickly becomes apparent there is a lot of interesting momentum to keep an eye on. While Bitcoin is clinging on to minute gains, it would appear the Factom price is turning bullish in a convincing manner. Although it is a bit unclear if this trend can be sustained for much longer, this momentum will please a lot of traders.

Factom Price Tries to Reach $7

It is always interesting to see how individual cryptocurrency markets evolve when the world’s leading cryptocurrency is still trying to hit its stride. Even though Bitcoin seems to remain in the green for some time to come, it also becomes apparent other markets show a bigger desire to move up in quick succession. If Factom is any example, there will be a lot more positive market momentum to keep an eye on over the next few days. This market has seemingly engaged all cylinders in the past day, as the push to $7 seems to be in full effect.

To put this price trend in perspective, Factom has gained 7.7% in both USD and BTC value alike. Due to these gains, the Factom price currently sits at $6.85, or 0.00167917 Bitcoin. Both levels are quite impressive, especially when considering how bearish most markets looked earlier this week. One worrisome aspect for Factom is how its trading volume is nearly non-existent. With just $500,697 in trades, sustaining this near $65m Β market cap will prove to be a challenge in its own right. Assuming this volume can be beefed up a bit, there isn’t necessarily something to worry about as of yet.

On social media, there is no lack of support for Factom at this time. In fact, Atom Ant is quite pleased with Factom’s Harmony aspect. This technology can improve upon reviews, audits, and implementing blockchain capabilities. It is certainly something to look forward to in the future, although it remains to be seen how many companies and entrepreneurs will effectively make use of this particular technology in the years to come.

https://twitter.com/atomantshow/status/1111223068440055809

For those who are looking at the price chart right now, Factom may offer a lot of interesting momentum moving forward. Endoryan has recently shared an interesting chart, although it appears a key resistance level will be coming up in the very near future. Assuming this resistance can be broken, things will undoubtedly look great for FCT. However, overcoming the key resistance levels will always be difficult for any cryptocurrency and blockchain project. Everything stands and falls with Bitcoin, after all.

Genghis Khan Sperm Shot, who may have one of the more unique names on Twitter, currently looks at Factom as “his baby”. In terms of fundamentals, Factom is, in his opinion, on the same level as Bitcoin. Whether or not that makes it a prominent selling point for FCT, remains to be seen, as the opinions on Bitcoin are all over the place these days. Moreover, the recent rankings by the CCID in China seem to indicate Bitcoin is not the top project so many people expect it to be. As such, being on the same fundamental level may not necessarily be a big deal in the eyes of some.

It is always difficult to predict how cryptocurrency markets will evolve at any given time. Although there is no lack of positive momentum to keep an eye on right now, it would appear Bitcoin may not remain near the current level for much longer. If that were to be the case, there is a chance the Factom value will come tumbling down again as well. The main question is whether or not this will occur before Factom hits $7. An interesting few days lie ahead for this market.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

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