key takeaway:
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As the ascending triangle pattern strengthens amid BNB meme activity, it forms a 40% upward eye towards $2.
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Four.meme’s daily earnings exceeded Pump.fun, with about 70% of traders now in profit.
Form, the native token of BNB Chain’s MemeCoin Launchpad Four.meme, has surged nearly 85% in less than two weeks. This includes a jump of over 50% in the past 24 hours following Binance co-founder Changpeng “CZ” Zhao’s viral “BNB Meme SZN” post.
Multiple technical and on-chain indicators point to further price boom in October form. Let’s find out.
Form ascending triangle inversion setup shows tips at 40% rally
Form tokens are showing early signs of a major bullish reversal.
After tumbling over 75% in recent months, the token currently appears to be forming an ascending triangle pattern. This is a structure typically associated with a trend reversal when formed after a late lower period.
As of Wednesday, the form has traded near $1.42, rebounding from the local bottom of $0.80 earlier. Horizontal resistance for the pattern is near $1.50 to $1.60, but the rising trend line supports higher lows from late September.
A decisive breakout above resistance could confirm the triangle setup and pave the way for a move to $2 representing around 40% upside from current levels.
Momentum indicators buck this scenario, with a sharp recovery from selling conditions where the daily Relative Strength Index (RSI) is below the 30 mark. The increase in trading volume strengthens the view that the opposite momentum of the form is strong.
4.Meme beats pump.fun’s daily revenue
The bullish setup for the form coincides with a resurgent BNB ecosystem that has seen an explosion of meme-driven trading activity following CZ’s Meme Season post. This is visible in the Total Value Locked (TVL) metric for 4.meme.
According to Defillama data, Launchpad earned $1.4 million in revenue during the same period, outpacing Solana rival Pompun, which earned $885,420.
Pump, Pump.fun’s native token, has dipped over 20% in the last week, further suggesting that traders are speculating on its recent form.
Solana Memecoins are in red as the focus shifts to rivals on the BNB chain.
Related: Trump Memocoin issuer seeks $200 million treasury as token plummets 90%
Conversely, most top 4.meme tokens rose during the same period.
About 70% of the four Meme traders were in profit as of Wednesday, according to data resource Bubblebop.
The renewed hype has also increased BNB’s market dominance, helping it overtake XRP (XRP) and reclaim third place by market capitalization.
What can change the bullish view of a form?
Despite the ongoing promotion, the form’s chart also outlines a potential bear flag pattern featuring a parallel trendline following September’s 50% decline.
Such formations often precede a continuation of a previous downtrend if price breaks below the lower boundary. It flipped sentiment near below $1.28, opening the door for a deeper correction towards the $0.50 to $0.60 zone.
In that case, the bullish breakout scenario for $2 would be invalidated, indicating that the recent rebound in form is nothing more than a short-term relief rally.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.