MOVE Token Hits 2-Month High Following Strategic Changes

The MOVE token experienced a significant surge, reaching a two-month high after parting ways with a problematic market maker. This development has reignited interest in the token, particularly among cryptocurrency whales.

MOVE Token Performance

On March 26, the MOVE token saw a remarkable 32% increase, reaching an intraday high of $0.594 during Asian trading hours. Its market capitalization rose to $1.36 billion, while daily trading volume surged sevenfold to approximately $829 million. These gains underscore the heightened activity surrounding the token.

Key Developments Driving the Rally

The Movement Network Foundation announced the recovery of $38 million in USDT from a now-banned market maker that previously operated on Binance. Initially, this entity was tasked with providing liquidity for MOVE by placing buy and sell orders to stabilize the token’s price and support trading activity. However, the market maker engaged in malicious behavior by dumping 66 million MOVE tokens shortly after the token’s listing on Binance, while placing minimal buy orders.

Binance flagged these actions as “market irregularities,” froze the market maker’s profits, and subsequently banned the entity from its platform. In response, the Movement Foundation severed ties with the firm and announced a $38 million buyback program, known as the Movement Strategic Reserve. This initiative aims to alleviate selling pressure and inject liquidity back into the ecosystem by purchasing MOVE tokens from the open market.

Whale Accumulation and On-Chain Activity

The buyback announcement triggered a wave of whale accumulation. On March 24, wallets holding between 100 million and 1 billion MOVE tokens collectively held approximately 553 million tokens. Within 48 hours, this number surged to 953 million tokens, indicating that whales acquired around 400 million MOVE tokens, worth over $185 million at current prices.

On-chain metrics further confirm the growing interest in the token. Daily active addresses spiked by 265%, and social sentiment surrounding MOVE flipped to positive, signaling increased market activity and optimism.

Technical Analysis of MOVE

On the one-day USDT price chart, MOVE has broken out of a multi-month falling wedge pattern, a bullish reversal signal that suggests the possibility of a longer-term rally. Technical indicators such as the MACD and Super Oscillator lines are trending upward, confirming a shift in momentum toward bullish territory.

Additionally, the Money Flow Index (MFI) stands at 65, indicating strong buying pressure while still leaving room for further growth before entering overbought territory.

Key Levels to Watch

  • Resistance: MOVE could rally to its psychological resistance at $0.90, which is 65% above current levels. This level has historically acted as a significant barrier for the altcoin. A breakout above $0.90 could pave the way for MOVE to target its yearly high of $1.12.
  • Support: If MOVE falls below the lower trendline of the wedge pattern, the bullish setup might be invalidated. In this scenario, the token’s price could drop to $0.37.

Final Thoughts

While MOVE’s recent performance and technical indicators point to potential upside, investors should remain cautious and conduct thorough research before making any financial decisions. Cryptocurrency markets are highly volatile, and prices can shift rapidly based on market sentiment and external factors.

Disclosure: This article is for educational purposes only and does not constitute investment advice.

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