FORM Price Surges 15% as Bullish Momentum Builds but Resistance Looms

The altcoin market today had a new star performer, the FORM crypto (FOUR). In intraday the FORM price took the limelight as it rallied over 15%, making it the biggest gainer of the day. 

When writing, it is trading at $3.78 with a massive 613.43% surge in 24-hour volume to $61.79 billion, FORM now commands a market capitalization of $1.44 billion. This sharp volume spike along with other growing metrics signals investors and traders strong interest in the asset, especially as it maintains an upward trajectory within a rising price channel.

FORM Price Eyes $5 as It Climbs in Rising Channel

Currently, the FORM price is tracking within a well-defined rising channel. Technical analysis indicates that the token is showing continued bullish momentum. If this momentum holds and the asset breaks above the upper trendline of this channel, the next significant target lies at $5. Such a breakout could attract even more buyers and trigger fresh highs for the asset this week.

However, while optimism surrounds the token’s breakout potential, there are subtle signs of possible exhaustion. FORM is now hovering around its local high, which also coincides with the upper trendline of the ascending channel. If this level holds as resistance, traders should watch for a potential price drop toward $3.10 or even $2.80.

FORM Price Indicators Show Mixed Signals

Looking at the indicators, FORM’s MACD recently made a bullish crossover, reinforcing the narrative of a possible continuation in the rally. At the same time, the Chaikin Money Flow (CMF) has flipped strongly positive, now sitting at 0.09 after recovering from -0.29. This shift indicates a solid inflow of capital into FORM and suggests buying pressure is currently outweighing selling pressure.

On the flip side, the curve of Relative Strength Index (RSI) for FORM reveals that it is hovering at 68.38, which is hair away from getting into overbought threshold of 70. This signals that while momentum remains bullish, the asset may still be approaching a saturation point, and a short-term pullback or correction possibility cannot be ruled out.

Will Resistance Hold or Will FORM Crypto Break Higher?

Despite early signs of resistance, the FORM crypto price continues to show strength in technical indicators and price structure. The sustained increase in trading volume and money flow shows high market participation and potential bullish continuation. But traders and investors should also remain cautious of a temporary correction if resistance at current levels proves too strong to overcome.