🚨 FORM/USDT: The Four Token's Rebound at Risk! Is a Bounce or Deeper Correction Imminent?

Market Outlook: After a strong bullish breakout in recent weeks, Four Token ($FORM) is experiencing a significant pullback, retracing from its all-time high of $4.19. The price has been declining over the last 24-48 hours, falling to a current price around $3.36.

💡 Futures Trading Plan (Neutral Stance):

🟩 Long Entry Trigger: Look for a sustained bounce and candle close ABOVE the resistance level of $3.50 on a higher timeframe (e.g., 4H or Daily) with significant volume. This could confirm that the short-term downtrend is exhausted and buyers are stepping back in.

💰Targets: $3.65, $3.80, and potentially towards the recent high at $3.95.

🛑Stop Loss: Below the immediate support around $3.30.

🟥 Short Entry Trigger: Consider a short if the price breaks BELOW the crucial support level of $3.30 with a closing candle on a higher timeframe. This would signal a continuation of the downtrend towards lower support levels.

💰Targets: $3.15, $3.00, and potentially toward the longer-term bottom near $2.70.

🛑Stop Loss: Above the swing high or around $3.45.

Your Action Plan:

01 - Wait for Confirmation: The market for FORM is highly volatile right now. Avoid entering a trade based on emotion. Patience is crucial to wait for a clear, high-volume signal before committing capital.

02 - Use a Stop-Loss: Given the asset's recent price swings, a stop-loss is not optional. It is essential for managing risk and protecting your capital.

03 - Manage Your Risk: Do not over-leverage your position. Assess your risk tolerance and size your trades accordingly, especially in the futures market.

📢 What are your thoughts?

Vote: Do you think FORM will find support and bounce, or will the selling pressure continue?

Bounce and Recover 🚀

Further Decline 📉

Comment: Share your analysis below!