Four (FORM) is showing strong technical performance as it gears up for a strong recovery. As per CMC data, the token is currently trading at $3.68 and has been able to bounce back off key support levels and has several bullish signs on various timeframes.
The price movement shows us an interesting story of strength and recovery. The token has rebounded well, and this has caught the attention of traders after a major decline that saw FORM fall to support levels. This rebound goes hand in hand with key technical levels that are holding their own, which indicates that institutional and retail interest is still strong at these levels.
On a moving average basis, FORM is trading above its 50-day EMA of $3.4947 and 100-day EMA of $3.2384. The fact that the Four is currently trading close to the 50-day EMA indicates that the token is gaining a strong footing at this technical point, which is usually a springboard to extended rallies. The fact that it is close to the $4.00 level means that a breakout above this resistance may cause faster upward movement.
The MACD indicator has shifted decisively to the positive side, indicating a critical change of momentum that usually precedes major price changes. This positive crossover, together with the increase in the positive momentum indicated by the histogram, indicates that the buying pressure is accumulating in a systematic way. The technical configuration shows that bears are losing and bulls are becoming stronger.
The market sentiment indicators are improving significantly, and the Social Sentiment analysis indicates that the extreme pessimism has been replaced with cautious optimism. This sentiment recovery usually comes before price rallies because it indicates a shift in market psychology and a revival of confidence in the market players.
The RSI is going into bullish, leaving the oversold behind and heading to the 50-60 area where normal, healthy uptrends are maintained. This change of momentum indicates that FORM is over with its corrective stage and is moving into an accumulation and markup stage.
Having achieved an incredible 2,472% gain in the last seven months, and now only 12% short of its all-time high of $4.19, the token is incredibly strong on fundamental terms. Technical breakout indicators, rising sentiment, and solid price performance make FORM an attractive target to traders looking to gain exposure to high-momentum crypto assets with the objective of achieving new all-time highs.
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