Four (FORM) has emerged as today’s top gainer, climbing 6% in the past 24 hours to trade at $3.33.
The price uptick comes as technical indicators point to gradually rising buying pressure. This sets the stage for a potential retest of the token’s previous peak.
SponsoredFORM Shows Accumulation Signs; Bears Losing Ground
Readings from the FORM/USD one-day chart show that the altcoin’s Chaikin Money Flow (CMF) indicator has turned positive, reflecting stronger capital inflows into FORM. As of this writing, this momentum indicator is at 0.01 and is trending upward.
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An asset’s CMF indicator measures the volume-weighted flow of capital into and out of it. When the CMF trends above zero, it suggests that buying pressure outweighs selling pressure, while a decline below zero reflects growing sell-side dominance.
With FORM’s CMF currently at 0.01 and climbing, the indicator points to a shift toward steady accumulation, supporting the bullish case for a potential move back to its all-time high.
In addition, recent sessions have shown a steady reduction in the size of the red bars on FORM’s Moving Average Convergence Divergence (MACD) indicator, a sign that bearish momentum is gradually weakening.
Sponsored
The MACD indicator tracks the relationship between two moving averages of an asset’s price to gauge trend direction and strength. When it returns red bars whose sizes start to reduce as each trading session passes, selling pressure is fading, and a potential bullish crossover may be forming.
For FORM, this means bears are losing control, leaving room for buyers to push the token higher.
Will FORM Break $3.57 or Slide to $3.07?
As FORM continues to show strength, a breach of the price wall at $3.57 is likely. If the altcoin successfully flips this level into a support floor, it could open the door for a rally toward its all-time high of $4.19.
However, if profit-taking resumes, FORM could shed its recent gains and plunge to $3.07.
