It has been a very interesting week for specific cryptocurrencies. The Factom price continues to rise at an alarming pace, whereas all other markets continue to face struggles. It is the fourth time this week the FCT value rises by several percents, and it seems to be a matter of time until the altcoin surpasses the $10 valuation.
Factom Price Approaches a new Milestone
It is quite interesting to see how different altcoins tend to respond to this bearish pressure. While there is no real reason for the value of Factom to buck this downtrend, that is exactly what is happening. It makes for a very interesting altcoin market worth keeping an eye on, although one has to wonder how long this trend will remain in place under these circumstances.
Over the past 24 hours, there has been a 2.5% Factom price increase in USD value and a 4.5% gain on Bitcoin. Especially this latter factor is of great importance, as Bitcoin’s value continues to drop lower and lower as more time progresses. There is still a good chance the world’s leading cryptocurrency will hit a value of $3,000 fairly soon, which can be disastrous for most altcoins
Looking at social media, the expectations associated with Factom cannot be ignored. Darren Waddup wonders how long it will take until people look at Factom as a serious blockchain project. Whether or not this currency will be “explosive” in the end, is anybody’s guess. The current momentum certainly looks promising, though.
How many NDA disclosures will it take before the market realises #factom is going to be explosive?
— Darren Waddup Rm101 (@36e8b731552549d) November 24, 2018
The ABC looks at things from a slightly different perspective. There is no lack of sheer optimism by any means, although it is a bit unclear if this vision will even come true. He expects Factom to be in the cryptocurrency market cap top 10 by January 2019. While that is not impossible, its market cap would need to increase by 1,200% or more to make that happen.
— The ABC 🔤 (@BFSchaarschmidt) November 23, 2018
When looking at the Factom price with technical indicators, the current situation looks pretty important. It seems the current price level will either become resistance or a new support level. If it is the latter, a strong push to $10 should follow in the days to come. The coming days will undoubtedly be of great interest to Factom holders and speculators alike.
Factom is being supported nicely by the 200MA. This is an important measurement in the market that many professionals use to base trades off of. This #200MA can act like a wall for support/resistance. pic.twitter.com/dSPApQpXol
— Kaizen (@CryptoKeyser) November 24, 2018
One worrisome aspect is how Factom struggles to generate any real trading volume. Although the same can be said for all altcoins, just $3m in 24-hour trades is not exactly promising for long-term support. As such, sustaining a value of over $9 will be incredibly challenging, albeit not impossible. It is one of the few markets to note positive momentum, after all.
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.