Form is the top market winner today, pointing to a price rise of 11% over the past 24 hours. The rally is based on the momentum that Altcoin has surged to a new all-time high of $3.85 since yesterday.
The token, currently trading at $3.77, is shy for just 2% of its peak. This could close as soon as the current market conditions continue.
It forms a higher rocket as buyers control
The double-digit price rally on the form is driven by increased market confidence and demand, as reflected in its Directional Motion Index (DMI).
The measurements on the Form/USD daily chart show that on July 9th, the positive direction indicator (blue; +DI) of the token passes above the negative direction index (orange; -DI) and buyers re-enter the form spot market. Since then, Altcoin has risen by 30%.
In press time, this important momentum indicator, which measures the intensity and direction of trends by analyzing recent highs and lows, continues to flash bull signals with the +DI line still placed above the -DI line.
This setup shows that purchasing pressure has surpassed sales activity and that the current uptrend remains intact. As long as +di stays above -DI and the gap between them is widening or steady, the bullish momentum behind the form rally will likely last.
Additionally, the form’s Chaikin Money Flow (CMF) tracking capital inflows and outflows confirms this bullish outlook. At pressing, this momentum indicator is placed on the zero line of 0.08, indicating the presence of strong bullishness.
If the asset’s CMF exceeds zero during price increases, the accumulation exceeds the distribution.
This trend, combined with a positive DMI setup for form, portrays a powerful technical case of Altcoin, potentially breaking beyond the record high in a potentially close period.
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The form is currently trading at $3.78 and rests under a new resistance formed by a record high of $3.85. This price peak violation is possible if purchase pressure continues.
Altcoin can also enter price discovery mode and can push well beyond its previous highs if the buy-side pressure is increased.
However, a decline to $3.30 is still possible, especially as traders begin to solidify their profits.
Postform is up 11% as bullish setup points to break out beyond current all-time highs first appeared on Beincrypto.
