- FORM is currently trading around the $3.78 mark.
- Its daily trading volume has surged by over 479%.
With the bearish turn in the crypto market, the majority of the assets have lit up the red candlesticks. The largest assets like Bitcoin (BTC) and Ethereum (ETH) trade at $117.9K and $3.8K. Notably, with Four (FORM) being the top gainer of the last day, XDC and PUMP share the spotlight.
Meanwhile, FORM has registered a gain of over 11.87%. The potential bullish shift in the asset’s market has triggered the price to climb toward a high of $3.84 from a bottom range of $3.27. The asset has broken a series of crucial resistances between $3.31 and $3.80 zones.
As reported by CoinMarketCap data, the recent surge has made FORM trade within the $3.78 level, with its market cap reaching $1.44 billion. Besides, the daily trading volume of Four has skyrocketed by over 479%, touching the $53.85 million mark.
Upside Momentum in FORM—How Long Will It Last?
The technical indicator analysis of FORM exhibits that the Moving Average Convergence Divergence (MACD) line is located above the signal line. It implies a bullish signal and upward momentum in the asset’s price. In addition, the Chaikin Money Flow (CMF) indicator of the asset at 0.29 is considered positive, with the buying pressure being stronger than the selling pressure in the market. As the value is strong, the capital is flowing into the asset.
The FORM/USDT trading pair’s four-hour price chart reveals the formation of green candles. The price could move up and test the immediate resistance range at $3.84. An extended correction on the upside might trigger the asset’s price to rise to its recent high above the $3.90 mark.
However, if the asset price prints a cautious graph, it hints at a bearish signal. FORM might slip and find its nearby support at the $3.72 level. Assuming the downside correction continues, the potent bears could likely send the price to its subsequent support below the $3.66 zone.
Furthermore, the daily Relative Strength Index (RSI) of the asset, sitting at 70.38, signals that it is nearing the overbought territory. It may also hint at a potential price pullback or correction. FORM’s Bull Bear Power (BBP) reading settled at 0.4292, suggesting bullish strength in the market, with the price trading above, showing potential upward momentum.
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