Factom undergoes a significant reversal pattern

Factom undergoes a significant reversal pattern

Factom fct is a project which applies blockchain technology to provide data integrity and trust solutions. The factom project has strongly supported with well-known buyers and sellers such as Tim Draper of Draper Associates and the Bill & Melinda Gates Foundation"Factom undergoes a significant reversal pattern"

Factom undergoes a significant reversal pattern

Over the past weeks, the fct project has been surging despite the most bear market conditions of 2018. The FCT coin increased from support around $4.15 to above $19, an over 300% increase. With strong buyer momentum and consecutive huge increases in market capitalization, it was difficult to assess when the surge might come to an end.

The appreciation may finally be reaching its conclusion as Factom undergoes a significant reversal pattern. The  FCT price currently trades around $12.15 after forming what looks like a lower low and a lower high.

The price has significantly decreased today after starting the day opening at $13.80. If the price drops below $11.80 which is close to where it currently trades, a lower low will be formed, and future momentum is far more likely to be the bearish pattern from that point.

Both the MACD and RSI graph are beginning to decrease showing movement shifting towards the side of sellers side. The MACD is also crossing its signal line towards the downside, a bearish signal.

This reversal is likely triggering those who have had gains over the past weeks to sell their holding fct and record profit. Such selling typically triggers further decrease factom in price and more traders rushing to sell their holdings acting as a reinforcing cycle.

key notes of factom fct

After a huge outperformance over the space of a month which saw Factom fct increase over 300%, the fct coin looks likely to be now reversing.
The factom has formed a lower low and lower high. A price drop below $11.80 would for another lower low and lead to a more bearish outlook.
Investors are likely rushing to sell their holdings to record profit from the months movements with this triggering even further decreases and selling.

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