- Four (FORM) is trading near the $1.26 range.
- The technicals signal a continuing downtrend.
The crypto market is reddish in shade, and with the prolonged bearish trend, the market cap is settled at $4.18 trillion. The brief bullish spike is not gaining enough momentum to flash the green light. With this swing in the market, the assets are tired of moving up and down, including Bitcoin (BTC) and Ethereum (ETH).
Meanwhile, Four (FORM) has steadily lost over 17.94% in the last 24 hours. The asset opened the day trading at around $1.50 level, and with the bearish attack, the price has slipped to a bottom of $1.14. A momentary spike has pushed the asset up to trade at a high of $1.63.
At the time of writing, the asset traded within the $1.26 range, with a market cap of $483.52 million. Notably, the daily trading volume has dropped briefly and reached the $834.13 million zone. Additionally, the market has experienced a liquidation of $2.56 million worth of FORM as per the Coinglass data.
What is Next for FORM? Analysis of Near-Term Targets
The recent price chart of the FORM exhibits a negative outlook. With the red candlesticks, the bears could push the price down toward the $1.19 support level. A correction on the downside might send the asset to its former low of around $1.12 or even lower. Contrarily, if the asset’s price chart reverses the momentum, the Four price might climb to the resistance at $1.33. If there comes a strong bullish pressure, the price could hit the $1.40 mark.
Moreover, the Moving Average Convergence Divergence (MACD) line of Four is found below the signal line, which indicates bearish momentum. The asset’s recent price trend is weakening, and sellers may be in control. FORM’s Chaikin Money Flow (CMF) indicator is positioned at -0.18, suggesting that the selling pressure is dominating the market. The money is flowing out of the asset rather than into it.
Four’s daily Relative Strength Index (RSI) at 50.98 implies a neutral market, neither overbought nor oversold. The asset is in a balanced state, with no strong pressures dominating. Furthermore, FORM’s Bull Bear Power (BBP) value of -0.0983 shows the bearish strength in the market. The asset may face downward momentum unless buying interest increases.
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