MOVE Token Tumbles 50% as Market Selloff Intensifies

by

As a seasoned analyst with over a decade of experience in the crypto market, I have seen my fair share of meteoric rises and sudden plunges. The case of MOVE is no exception. While it’s always exciting to see new projects gain traction so quickly, it’s equally important to remain cautious and analyze the underlying trends.

On December 9, the cryptocurrency known as MOVE, which operates on an Ethereum-based Layer-2 blockchain called Movement, saw an incredible surge of 50% immediately following its debut. However, it has since taken a sharp turn, falling by approximately the same percentage.

Currently, there’s a trend of selling for profits, which could potentially cause the value of the MOVE token to drop even more.

Movement Token Holders Sell For Gains

On Monday, MOVE made its debut and swiftly piqued the interest of investors. This surge in attention led to an increase of 50% in the token’s price over the subsequent 24 hours, peaking at $1.45. Furthermore, the token reached a market capitalization of $3 billion, thereby cementing its status as the 60th most prominent cryptocurrency within that same timeframe.

Currently, the market trend has changed, causing the altcoin to lose approximately half its value and trade at $0.68 as we speak. The Aroon Down Line on a daily chart indicates that the ongoing downtrend for MOVE is robust, with the line showing a reading of 100%, suggesting a strong bearish momentum at present.

the Aroon Up line and the Aroon Down line.

If the Aroon Down line hits 100%, it means the most affordable price within the specified timeframe has just been seen, indicating a powerful downward trend. This implies that the market is currently in a bearish state with minimal bullish energy.

Furthermore, the dropping Chaikin Money Flow (CMF) of MOVE adds credence to this bearish perspective. At present, it is positioned beneath the zero line, specifically at -0.15.

The CMF indicator tracks money flows into and out of the market. A negative CMF value signals increasing selling pressure and suggests the potential for a continued price decline.

MOVE Price Prediction: Value Is at Risk of Dropping Further

As a crypto investor, I’m keeping an eye on the Layer-2 token that currently trades at $0.68 on the 1-hour chart. Right now, it’s hanging above the support formed at $0.60. If the bearish pressure intensifies, this support level might be tested. If it can’t withstand the pressure and breaks, the price could continue to trend downward.

If purchasing activity picks up again, it’s likely that the price of MOVE token will break through its resistance at $0.77 and move upward to around $0.88.

Read More

2024-12-13 01:39