Volume Explodes 497%: Can Movement (MOVE) Bulls Outrun the Bears?
- Movement is currently trading at $0.039.
- MOVE’s trading volume has exploded by 497%.
A 1.37% uptick within the market did not bring any bullish waves across the crypto tokens. Neutral sentiment is hanging around, with both the red and green shades painted on the price chart, which includes the largest assets, Bitcoin (BTC) and Ethereum (ETH). Among the digital assets, Movement (MOVE) has registered a 6.31% climb in the last 24 hours.
In the morning hours, the altcoin chose to hover on the downside, at a low of $0.03701. With a sudden bullish shift in the MOVE market, the price was triggered to climb to a high of $0.04604. Before confirming the upturn, the bulls have tested and broken a series of crucial resistance levels between $0.03711 and $0.04594.
According to CoinMarketCap data, at the time of writing, Movement traded in the $0.03910 range, with its market cap likely reaching $126.54 million. In addition, the daily trading volume of MOVE has skyrocketed by over 497.31%, settling at the $176.57 million mark.
Where Could Movement’s Price Head From Here?
Zooming in on the technical indicators of Movement, the Moving Average Convergence Divergence (MACD) line is positioned above the signal line, indicating bullish momentum. It may continue moving higher if the uptrend stays. Moreover, the Chaikin Money Flow (CMF) indicator found at -0.00 suggests neutral money flow. Significantly, there is no strong buying or selling pressure in the market currently, showing indecision or consolidation.
MOVE chart (Source: TradingView)
MOVE’s active market sentiment is moderately bullish, as the daily Relative Strength Index (RSI) is at 58.41. It is above the neutral 50 level; the buyers have a slight edge, but it is not overbought, and this leaves room for further upside if momentum continues. Besides, the Bull Bear Power (BBP) value of Movement at 0.0055 signals a slight bullish control. A rising value confirms strengthening bulls, while a drop toward zero hints at fading momentum.
The four-hour price chart of Movement reports a positive outlook. The price could mount and break the resistance at $0.04231. If the potential bulls awakened, it might invite the golden cross to take place, supporting the asset’s uptrend, sending the price above the $0.04569 level.
On the flip side, upon a bearish reversal, the price pattern of Movement turns negative. It might likely retrace to the $0.03647 support range. An extended correction on the downside could push the price even lower, below $0.03312, along with the death cross emergence.
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