Movement price is on the rise, gaining over 15% upswing in the past few hours after maintaining a consolidated trend since the start of the day. Interestingly, it is happening in the times when the wider crypto markets are facing massive sell-offs, with the Bitcoin price plunging below $100K while the Ethereum price heading towards $3500. With over 110% rise in the trading volume, the MOVE price appears to be poised to mark a new ATH above $1.45 shortly.
What is Movement? Why is the MOVE price on the rise?
Movement (MOVE) is the native token of Movement Network built on Ethereum and offers faster and more secure transactions using the Move programming language. The leveraging layer-2 solutions are expected to get more enhanced scalability, aiming to improve the interoperability with advanced features. Soon after the Movement Foundation launched the mainnet network accompanied by the governance token, MOVE, the price spiked high, marking the highs at $0.8.
Moreover, the price maintained a healthy upswing and surged beyond $1 in the next few hours towards the ATH at $1.45, which attracted massive bearish pullback. Now that the MOVE price has triggered a strong recovery, will it rise back above $1 today?
The short-term price action of MOVE suggests the token may experience a small pullback as it failed to sustain above the neckline of the recovery curve. Besides, the hourly MACD suggests a drop in the buying volume and with a potential bearish crossover, the price is expected to drop slightly below the curve but sustain above $0.716. The DMI, which is heading towards the bearish crossover, validates the claim.
On the other hand, the RSI & OBV remain incremental, which suggests the price still remains within a bullish range. Therefore, these minor dips can be considered a good buying opportunity as the Movement price is poised to trigger a rebound and head towards a new ATH, probably close to $1.6 in the coming days.
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