FORM is today’s top market gainer, noting an 11% price increase in the past 24 hours. The rally builds on momentum from yesterday, when the altcoin surged to a new all-time high of $3.85.
Currently trading at $3.77, the token is just 2% shy of its peak—a gap that may close soon if current market conditions persist.
FORM Rockets Higher as Buyers Dominate
FORM’s double-digit price rally is fueled by increasing market confidence and rising demand, as reflected by its Directional Movement Index (DMI).
Readings from the FORM/USD one-day chart show that the token’s positive directional index (blue; +DI) crossed above the negative directional index (orange; -DI) on July 9, marking buyers’ re-entry into the FORM spot markets. Since then, the altcoin’s value has risen by 30%.
At press time, this key momentum indicator, which gauges the strength and direction of a trend by analyzing recent highs and lows, continues to flash a bullish signal, with the +DI line still positioned above the -DI line.
This setup indicates that buying pressure is outpacing selling activity, and that the current uptrend remains intact. As long as the +DI stays above the -DI and the gap between them widens or holds steady, the bullish momentum behind FORM’s rally will likely persist.
Furthermore, FORM’s Chaikin Money Flow (CMF), which tracks capital inflows and outflows, confirms this bullish outlook. At press time, this momentum indicator rests above the zero line at 0.08, indicating a strong bullish presence.
When an asset’s CMF is above zero during a price rally, accumulation outweighs distribution.
This trend, combined with FORM’s positive DMI setup, paints a strong technical case for the altcoin and hints at it potentially breaking past its all-time high in the near term.
FORM’s Rally Stalls Near All-Time High, Profit-Taking Could Shift Momentum
FORM currently trades at $3.78, resting under the new resistance formed by its all-time high of $3.85. If buying pressure persists, a breach of this price peak is possible.
The altcoin could also enter a price discovery mode, pushing well beyond previous highs if buy-side pressure strengthens.
However, a decline toward $3.30 remains a possibility, especially as traders begin to lock in profits.
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Disclaimer
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