$FORM Faded rebound amidst selling pressure... Is the correction imminent?
Current price: $2.7271 (+4.14%)
After recording a daily peak of $2.8076, the $FORM/USDT pair began to show signs of weakness on the 15-minute timeframe, with the formation of lower highs and a gradual decline in buying momentum.
Important technical levels:
Resistance: $2.76 / $2.80
Support: $2.70 / $2.62
Short-term trading plan (sell on the rise):
Proposed entry area: $2.73 - $2.75
Profit-taking targets:
🎯 Target 1: $2.70
🎯 Target 2: $2.62
🎯 Target 3: $2.55
🛑 Stop loss: above $2.81
Overview:
Despite the momentary positive momentum, the failure of the price to hold above the $2.75 level reflects weakness in buying power. Additionally, the decreasing trading volumes indicate investors' hesitation to buy at these levels, opening the door for corrective movements.
💫 Professional tip:
Watch for a potential rebound towards the $2.74-$2.75 range, as this could represent a suitable selling opportunity with a tight stop loss. Selling at the peak may be a smart option amid the cooling of speculative activity on entertainment tokens.
