- Four (FORM) is currently hovering around the $2.40 level.
- Technical indicators point to a developing bearish trend.
The crypto market cap has settled at $3.26 trillion after a brief loss in the market. Major assets like Bitcoin (BTC) and Ethereum (ETH) have chosen to trade on the downside. Other altcoins are swinging between red and green charts, displaying mixed sentiment in the market. Meanwhile, Four (FORM) has dropped by over 4.89% in the last 24 hours.
The bullish command in the early hours has pushed the asset to trade at a high of $2.56. FORM has later visited its daily low at $2.37, with the bears dominating the asset. At the time of writing, the asset is trading within the $2.42 range, with a market cap of $926 million. Also, the daily trading volume has spiked by over 4%, reaching $62.52 million.
Zooming in on the Four’s weekly price chart, it has posted a solid 11.29% loss. FORM’s weekly high were recorded at around the $2.76 range, at the beginning of the week. Later, the price slipped to a low of $2.37, with bear support.
Where Is FORM Headed From Here?
The recent trading session of the FORM/USDT pair reports strong bearish momentum. The prolonged red candle formations could likely push the price down toward the $2.39 level. Further downside correction might strengthen the bears and drive the asset’s price below the $2.30 mark.
Contrarily, if the asset’s price chart flips the current momentum, it reflects a bullish signal. The Four price might move up and break the resistance at the $2.50 range. With the bullish command, the price could eventually reach above the $2.59 threshold, and the uptrend may continue.
Moreover, both the Moving Average Convergence Divergence (MACD) line and signal line have crossed below the zero line, indicating a sturdy downward momentum, as the price movement weakens. Besides, FORM’s Chaikin Money Flow (CMF) indicator settled at -0.20, suggesting moderate selling pressure in the market, and the money is flowing out of the asset.
In addition, the daily Relative Strength Index (RSI) at 30.87 implies that the asset is approaching oversold territory. Four’s Bull Bear Power (BBP) value, resting at -0.1179, signals bearish dominance in the market with prices falling.
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