MOVE Token Plummets Despite Raising $100 Million

MOVE has fallen about 11% in the past 24 hours, extending its correction to 26% over the past 7 days.

Azcnews Move Token Plummets Despite Raising $100 Millio

Technical indicators, including the RSI and Ichimoku Cloud, show a strong bearish bias, with MOVE trading near oversold levels and well below the Ichimoku Cloud.

The recent appearance of a “death cross” pattern has further reinforced the bearish bias, signaling increasing selling pressure. For MOVE to recover, it needs to break above key resistance levels. However, if current support fails to hold, MOVE could continue to fall further.

MOVE’s RSI remains near oversold territory

MOVE’s RSI is currently at 33.3, having recovered slightly after hitting 29.7 a few hours ago. This is a significant decline from the RSI level of 53 two days ago, indicating that the asset has quickly moved from neutral to oversold territory.

RSI (Relative Strength Index) is a momentum indicator that ranges from 0 to 100 and is used to gauge whether an asset is overbought or oversold. Typically, a reading below 30 indicates oversold conditions, suggesting that the asset may be undervalued, while a reading above 70 indicates overbought conditions, signaling a potential price correction.

Move Rsi
Move Rsi

With RSI at 33.3, MOVE remains near oversold territory, which could attract investors looking to take advantage of low prices. This level suggests that recent selling pressure may be waning, offering the potential for price stabilization or recovery.

However, if RSI fails to return to neutral territory, this could signal that bearish momentum is still persistent, continuing to pressure MOVE’s price in the short term, even after Movement Labs, the company behind MOVE, raised $100 million in funding.

MOVE’s Ichimoku Cloud Paints a Negative Picture

Move Chart
Move Chart

MOVE’s Ichimoku Cloud chart shows a clear bearish configuration, with the price trading well below the cloud (Kumo).

The cloud is red and expanding, signaling increasing bearish momentum and continued selling pressure. This indicates that the current trend remains strongly bearish, with no signs of weakening in the short term. The recent correction has seen MOVE drop out of the top 50 altcoins, currently ranking 59th.

Read more: Tether Announces Relocation to El Salvador

The conversion line (blue) remains below the baseline (red), confirming the short-term bearish momentum. Additionally, the lag line (green) is below both the price and the cloud, reinforcing the negative outlook.

The indicators in the Ichimoku system all indicate that the downtrend is still in place, with no clear reversal signals. The overall structure of the cloud and the lines reflect a market environment dominated by selling pressure.

(5 votes)

3.0/5

(5 votes)

Latest

How To Participate In The Yupp Airdrop

Airdrops | Editor Choice

How to Participate in the Yupp Airdrop

Join the Yupp airdrop! The AI development platform has successfully raised $33 million and is allowing users to earn points.

Pengu Surges 10% Amid Market Slump

News | Editor Choice | Memecoin

PENGU Surges 10% Amid Market Slump

Amid a sluggish crypto market, meme coin PENGU has surged nearly 10%, but technical indicators suggest this rally may soon lose steam.

Two Satoshi Era Whales Suddenly Wake Up, Move 20,000 Btc

Bitcoin | Editor Choice

Two “Satoshi Era” Whales Suddenly Wake Up, Move 20,000 BTC

Two wallet addresses holding 10,000 Bitcoin each have unexpectedly become active after 14 years of inactivity, raising concerns about a potential sell-off.

Nano Labs Spends $50m On Bnb, But Stock Price Keeps Falling

News | Altcoin | Editor Choice

Nano Labs Spends $50M on BNB, But Stock Price Keeps Falling

Nano Labs boldly spent $50 million on BNB in a bid to build a $1 billion reserve, but its stock price continues to plunge despite the ambitious investment strategy.

Ripple Mints Additional 16 Million Rlusd With Support From Amina Bank

News | Altcoin | Editor Choice

Ripple Mints Additional 16 Million RLUSD with Support from AMINA Bank

Ripple has minted an additional 16 million RLUSD as Switzerland’s AMINA Bank becomes the first global financial institution to support the stablecoin, marking a significant step in bridging traditional finance with blockchain technology.