Movement (MOVE) Price Consolidates After 45-Day Correction Ends

Key Takeaways

• Descending channel breakout indicates a potential trend reversal.
• Elliott Wave count suggests a developing five-wave impulsive move.
• RSI remains neutral, and we are awaiting confirmation of bullish momentum.

MOVE shows signs of a potential breakout after a prolonged corrective phase.

The price recently tested key resistance levels, and Elliott Wave analysis suggests a developing five-wave impulsive move.

With the descending channel pattern nearing resolution, traders watch for confirmation of sustained bullish momentum in the coming sessions.

MOVE Price Analysis

The 4-hour chart of MOVE illustrates a well-defined descending channel formation that has guided the price action for 45 days.

This pattern, often a bullish reversal structure, aligns with the Elliott Wave corrective count, which appears to have completed a five-wave structure to its peak of 1.20 on Dec. 26.

The price has found local support near $0.50, a historically significant level, which aligns with previous demand zones and a key Fibonacci retracement.

The wave count suggests that the asset has likely completed a complex ABCDE correction, with Wave E marking a significant bottoming point.

The Relative Strength Index (RSI) on the 4-hour chart remains neutral, suggesting neither strong buying nor selling pressure at current levels. This could indicate consolidation before a breakout.

Additionally, the price has tested the upper boundary of the descending channel but has yet to sustain a clear breakout.

The key resistance zone near $0.60 remains a crucial level to reclaim for a confirmed bullish reversal. A clean move above this region could lead to further upside potential, targeting the next significant resistance near $0.85.

However, failure to break out could see the price retest the $0.50 support, with a deeper decline toward $0.45 in a bearish scenario.

MOVE Price Prediction

The 1-hour MOVE chart highlights a developing five-wave impulsive move that appears to be in progress. The breakout attempt has begun, with Wave (i) forming a higher high, followed by a corrective Wave (ii).

The structure suggests the market may initiate a bullish cycle, provided the price maintains support above the recent low.

If this impulse wave count holds, we anticipate a move towards $0.65 in the short term, with Wave (iii) pushing beyond the resistance cluster near $0.60.

A retracement following this move could test the $0.58-$0.60 range before a final leg higher towards $0.70-$0.75, aligning with Fibonacci extension targets.

Alternatively, if momentum stalls and the price fails to breach the $0.60-$0.65 resistance, a potential corrective ABC move could unfold, targeting $0.55 as a retest zone before resuming upward.

The RSI on the 1-hour chart is hovering near mid-range levels, indicating a neutral stance, which suggests traders should monitor volume spikes and price confirmation before entering long positions.

The bullish scenario remains intact as long as the price holds above $0.50, while a breakdown below this level could invalidate the wave count and result in further declines.

Key Levels to Watch

• Immediate Resistance: $0.60 (Breakout Confirmation).
• Secondary Resistance: $0.65 (Wave (iii) Target).
• Major Resistance: $0.75 (1.618 Fibonacci Extension).
• Immediate Support: $0.55 (Potential Retest Zone).
• Key Support: $0.50 (Historical Demand Zone).
• Critical Support: $0.45 (Invalidation of Bullish Wave Count).