- FORM is hovering around the $3 range.
- Trading volume has surged by over 75%.
The bearish wave in the crypto market has triggered a majority of the assets to enter the red zone. As the tokens lose momentum, along with the largest assets, Bitcoin (BTC) and Ethereum (ETH), are currently hovering at $109.4K and $4.4K. Notably, the altcoin, Four (FORM), has become the top loser of the day.
FORM has reported a steady loss of over 21.12%. In the early hours, the asset traded at a high range of $3.81. With a potential bearish shift, the price has slipped toward a low of $2.82. If the bears do not take a rest, the price might see more downside.
As reported by CoinMarketCap data, the negative outlook has triggered the FORM price to trade within the $3.05 range. Meanwhile, the asset’s market cap has reached $1.17 billion, with Four’s daily trading volume has increased by over 75.05%, touching the $149.06 million mark.
Is There a Floor for FORM’s Price?
When FORM’s both the Moving Average Convergence Divergence line and the signal line are found below the zero line, it implies an overall bearish grip in the market. Also, if the MACD rises above the signal line, the trend is still weak until both lines climb above zero.
Moreover, the Chaikin Money Flow indicator of Four at -0.38 points to a strong selling pressure with the bearish sentiment and weak accumulation in the market. The negative CMF value shows that the money is leaving the asset’s market.
The four-hour price chart exhibits the bear hold, and the price could fall and test the nearby support at $2.98. With the death cross, the downside correction of FORM strengthens, sending the price toward $2.91. Upon a reversal, the asset’s price might climb to the resistance at the $3.12 level. If the correction on the upside continues, the golden cross may show up, and take the FORM price to its subsequent resistance above $3.19.
Additionally, Four’s daily Relative Strength Index (RSI) at 27.68 suggests its oversold condition. The market is showing weakness, but a reverse could occur if buyers step in. The Bull Bear Power (BBP) reading of FORM positioned at 0.7271 indicates that the bears are currently dominant, pushing the price lower. The deeper the negative value, the stronger the bearish dominance is.
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