beincrypto.com
$FORM, the token formerly known as BinaryX (BNX), has climbed nearly 20% over the past 24 hours. The surge has propelled it to outperform Bitcoin (BTC) and Ethereum (ETH), positioning $FORM as the top gainer in today’s trading session.
The strengthening demand for the altcoin could extend these gains in the short term.
$FORM’s Rally Gains Steam
At the time of writing, $FORM trades at $2.54. Key technical indicators suggest this upward movement could be more than a short-term spike. These signals point to a sustained rally, which could push $FORM to revisit its all-time high of $2.65, a level it previously reached on March 24.
For example, the token currently trades above its Supertrend indicator, which forms dynamic support below its price at $2.11. This indicator tracks the direction and strength of an asset’s price trend. It is displayed as a line on the price chart, changing color to signify the trend: green for an uptrend and red for a downtrend.
When an asset’s price trades above this indicator, it signals dominant buying pressure in the market, paving the way for sustained upward momentum.
For $FORM, the Supertrend indicator provides strong dynamic support at the $2.11 level, holding against price dips and reinforcing the potential for continued gains.
Moreover, $FORM’s Aroon Up Line confirms the strength of its uptrend. As of this writing, this is at 100%, reflecting significant buying pressure among market participants.
The Aroon Indicator measures the strength and direction of an asset’s trend by tracking the time since the highest and lowest prices over a given period. It comprises two lines: Aroon Up, which measures bullish momentum, and Aroon Down, which tracks bearish pressure.
When the Aroon Up line is at 100 or close, it signals a strong upward momentum and a dominant bullish trend. This suggests that $FORM’s buying pressure is high, and its price may continue rising.
$FORM Eyes Record Highs at $2.65 as Momentum Builds
$FORM currently trades at $2.54, just 4% shy of its all-time high of $2.65, which forms resistance above its price. If bullish sentiment toward the altcoin soars, it could reclaim this price peak and attempt to rally beyond it to record new highs.
However, this bullish projection might be invalidated if market participants resume profit-taking. In that case, $FORM’s price could fall to $2.44.