Why the MOVE Token Price Is Seeing a Sharp 50% Decline
MOVE, the native token of the Ethereum-based Layer-2 blockchain movement, experienced a meteoric rise of 50% shortly after its launch on December 9. However, it has now reversed course, plunging by a similar percentage.
As of press time, profit-taking is intensifying, putting the MOVE token price at risk of a further plunge.
Sports Token Holders Sell for Gains
MOVE launches on Monday And quickly attracted the attention of investors. As a result, the coin’s price surged by 50% in the following 24 hours, reaching a maximum of $1.45. The coin’s market capitalization also reached $3 billion, solidifying its position as the 60th top cryptocurrency during the same period.
However, market trends have shifted and Altcoins As of press time, its value has now shrunk by 50% and is trading at $0.68. Based on the daily chart assessment, its Aron descending line confirms the strength of MOVE’s current downtrend. As of this writing, MOVE’s Aron offline is at 100%.
The Aron indicator for an asset measures the strength and direction of its trend by tracking the number of periods since the highest and lowest prices in a given timeframe. It consists of two lines: Alon Ascending and Alon Descending.
When the Aroon Descending Line reaches 100%, the lowest price in the selected period has occurred recently, signaling a strong downtrend. This indicates that the market is in a bearish phase with little upward momentum.
Additionally, a decline in MOVE’s Chaikin Fund Flow (CMF) also reinforces this bearish outlook. It is currently below the zero line at -0.15.
The CMF indicator tracks money flowing into and out of the market. Negative CMF values indicate increasing selling pressure and indicate the potential for continued price declines.
MOVE Price Forecast: Value faces risk of further decline
On the 1 hour chart, Layer-2 tokens The price is trading at $0.68, hovering above the support formed at $0.60. If bearish pressure builds, the price of the altcoin may test this support level. If it fails to hold, the downtrend may continue.
On the other hand, if buying activity resumes, MOVE token price will break the $0.77 resistance and climb to $0.88.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
