Huawei, a technology giant teamed up with Dublin Dogpatch lab to introduce a new unknown Cryptocurrency

Technology giant, Huawei introduced a new DeFI cryptocurrency, Defactor. Defactor is a start-up that bridges traditional financing to the new world of Decentralized Finance (DeFI).

The tweet was released on February 21 and explained their journey Scale-Up Programme in Ireland.  FACTR rose more than 400% after the release of the promotional video.

What is Defactor

Defactor was designed to simplify interaction with the blockchain for inexperienced institutions, helping them to utilize DeFi. It is an integration layer with tools created in a way to help traditional businesses leverage DeFi using the existing system and processes.

Further to focus on using blockchain technology to improve existing factoring, trade finance, and other traditional systems.

On the 4-hour chart, the FACTR price indicates some price action after experiencing an exponential rise in the span of the previous two sessions. The price retraced sharply after making a high of $0.3241. At the time of writing, WETH/FACTR is reading at $0.1392.

The volumes were also above average in the past 24 hours, supporting the strong upside move in the asset.

Chaikin Oscillator fell sharply indicating the loss of the upside momentum and hovering near the oversold zone. Another oscillator, the RSI retreated from 93 to 68. Near to the overbought zone.

If the additional buying interest failed to generate near the current levels, the price could retrace toward the 9-day EMA at $0.0941 in short term.

On the contrary, any uptick in the indicator would mean buyers are still interested in the token. A breach of $0.2000 on a 4-hour chart would set the base for the continuation of the prevailing trend.