The Movement crypto token showed positive performance today, even as the broader cryptocurrency market decreased 3.42% over the last 24 hours. This overall drop came after considerable declines for Bitcoin, Ethereum, and most other altcoin prices.
The MOVE token has defied the challenging conditions of the cryptocurrency market, consistently ranking among the leading coins in the last few days.
According to data from Coinmarketcap, Movement (MOVE) has seen a notable 16.12% increase in value within the previous 24 hours, making it one of the best-performing crypto among the top 100 largest coins.
Other top gainers today include Mantle (MNT), Ethena (ENA), Bitget Token (BGB), Hedera (HBAR), and Core (CORE). However, most other cryptocurrencies are trading in the red.
Why is the MOVE token going up?
The Movement crypto is currently priced at $0.7658, down 47.03% from its all-time high of $1.45 on December 10, 2024. However, it is 29.18% higher than its recent low of $0.5941 just three days ago.
There has been a lot of activity in the Movement crypto market recently, with trading volumes increasing significantly over the past 24 hours. According to Coingecko data, Movement (MOVE) had a trading volume of $1.26 billion on the last day. This is a 157.70% increase from the previous day, indicating more interest in the market.
One major reason for the rise in Movement’s price is the recent launch of its mainnet. Movement is an Ethereum layer-2 network using MoveVM, and it issued its native token last week. Some of these tokens were given away to early users and community members.
The MOVE token has also been listed on top exchanges like Binance, Coinbase, OKX, Bitget, HTX, Upbit, and Bithumb.
Additionally, Movement launched the MOVE Token with an $830 million airdrop. New projects with a large user base, airdrops, and exchange support tend to perform well in the short term before cooling off.
This is a crucial time for the MOVE coin since it is less than two weeks old. Some crypto analysts believe the MOVE token may see a minor price increase in the coming weeks, possibly returning to the $1 mark before moving higher.
Read more: MOVE News: Technical Signals Hint at Breakout from $0.7
Movement coin price prediction
A crypto trading signal community on X, Rose Premium Signals, provided a technical analysis of the MOVE/USDT trading pair. They see the potential for a rebound from key support levels at $0.6006 and $0.4470. If the price stays above these levels, they predict target prices of $0.950, $1.230, and eventually $1.250.
Another trader, Nihilus, who has over 78.4k followers on X, shared a similar view in a MOVE price chart. They predicted a breakout in the token’s price but did not provide specific figures. However, their chart shows a descending wedge pattern.
This pattern is a bullish sign, where the price makes lower highs and lower lows within two narrowing trendlines, showing that selling pressure is decreasing.
A breakout above the upper trendline would mean buyers are gaining control, which could lead to a significant price increase. Based on this breakout, the target could be between $0.90 and $1.10. Traders often see this pattern as a buying opportunity, but we need confirmation of sustained upward movement to validate the breakout.
Read more: Hedera Price Prediction as HBAR Slowly Forms a Rare Pattern
