Two weeks ago, Newconomy reported about Factom’s (FCT) gains in the market where some coins lost more than half of their value in the timeframe of two weeks.
For instance, since November 14th, Bitcoin (BTC) has lost 43%, Ethereum (ETH) 51%, Cardano (ADA) 57% etc. On the same day, Factom posted the 21-month low of $3.64. Today, the price has touched $16.13, which represents an increase of 363%.
For comparison purposes, the price of Factom against Bitcoin (FCTBCT) has gone from $0.00064 to $0.0033, which is an increase of 415%.
The already bullish price action has been further supported with the announcement of the partnership between Factom and Yooya, one of the biggest independent business-to-business online video networks. The China-based company will adopt the Factom’s Harmony platform as their blockchain solution.
“Factom will be a critical part of our ongoing development of China’s first blockchain-based marketplace for the buying and selling of media rights in China”, said Rick Myers, the CEO of Yooya.
In the same piece two weeks ago, we suggested that “the price is likely to continue higher before it reaches the key horizontal resistance around the $11 mark”. The daily chart (Graph 1) proves that our analysis was spot on as the price touched the resistance, (the green horizontal block), before rotating back lower.
Graph 1. Factom (FCTUSD) daily chart
Currently, the price is testing the triple confluence of support – the horizontal block, the 38.2% Fibonacci retracement zone and the descending trend line (the blue diagonal line). This zone, located in the $13.8 – $15.8 range, now provides key resistance for the bulls. Their aim remains the clearance of this zone, before eventually continuing to the next resistance level above $18.
Factom currently trades around the $15 handle. The market capitalization of $130 million puts the coin in the 40th spot of the biggest cryptocurrencies by the market capitalization.