The cryptocurrency FORM surged over 30% in 24 hours, leading the top 200 coins by market capitalization. The rally was fueled by a 90% jump in volume to approximately $89 million and aggressive buying by derivative whales. However, data indicates spot market volume is declining, and traders are deleveraging at prices above $0.30, suggesting potential for a pullback.
The token FORM rallied more than 30% in the past day, outperforming the broader market. Its trading volume increased by 90% during this period, recording around $89 million.
Form continues to lead BNB Smart Chain (BSC) memecoin launchpads. Its price action broke above a slanting resistance zone that had held since January 11th.
On the charts, FORM broke above the descending trendline at $0.19. The breakout followed a month of compression in February, with Bollinger Bands now opening up to indicate exploding volatility.
The MACD showed that bulls were strong, though their momentum had slightly faded. FORM was trading between $0.27 and $0.30 at the time of reporting.
Derivative whales primarily drove the price surge. Data from CryptoQuant shows whales started accumulating around $0.19 in late February and continued buying aggressively near $0.27.
The Cumulative Volume Delta (CVD) has been green for three months. The past two days have seen the highest CVD, indicating buyer dominance over sellers.
In contrast, the Spot Volume Bubble Map showed that volume was cooling. This created a clear divergence from the futures market activity.
The general market appeared less confident in the long-term outlook due to this spot volume decline. CoinGlass data indicated traders were deleveraging above $0.30 on the Binance exchange. This suggested participants anticipated a potential pullback from that price level.
