Key Takeaways
- MOVE had its Token Generation Event (TGE) on Dec. 9.
- The MOVE price has reached the $0.75 resistance area.
- Can MOVE break out and reach a new all-time high?
Movement is an EVM Layer-2 for Ethereum. It employs the Move programming language, which is also used in SUI and Aptos.
After its TGE on Dec. 9, MOVE immediately entered the top 60 largest cryptocurrencies based on their market capitalizations.
While its price fell slightly afterward, MOVE is currently the #67th biggest cryptocurrency.
The MOVE price has shown strength in the ongoing market correction, reaching a new weekly high today, on Dec. 9.
With that in mind, let’s analyze the MOVE chart and see where the price is heading next.
MOVE Creates Bottom
The MOVE price increased after its TGE on Dec. 9, briefly moving above $1 and settling at a new all-time high of $1.16. A sharp decrease followed afterward, leading to a low of $0.59, below the launch price of $0.70.
However, MOVE regained its footing and has increased since, creating a higher low. Additionally, MOVE broke out from a descending resistance trend line and validated it as support (white icon).
Today, on Dec. 19, the MOVE price increased above $70 and has nearly reached the $0.75 horizontal resistance area. If it breaks out, the price could increase toward the next resistance at $1.02, close to the all-time high.
Hourly time frame technical indicators are bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing, and neither has generated any bearish divergence. So, the MOVE price is likely to break out above $0.75.
What’s Next for MOVE?
The hourly wave count shows that the MOVE price completed a five-wave decline starting from its all-time high (white).
Wave five developed into an ending diagonal, and the sub-wave count is in black. Since there isn’t sufficient price data before that, this could be both the end of a correction or the start of wave A in an A-B-C structure.
Therefore, the ongoing increase could be an A-B-C structure (red) or a new five-wave increase (yellow).
Both give the same short-term MOVE price prediction, outlining a breakout above the $0.75 horizontal resistance area, taking the price between the 0.382 and 0.5 Fibonacci retracement resistance levels at $0.81 – $0.87.
However, the reaction afterward will determine if the trend is bullish or bearish.
If MOVE has started a new five-wave increase, the price will validate the $0.75 horizontal area as support before eventually moving higher.
On the other hand, if the increase is an A-B-C structure (red), MOVE will break down from the $0.75 area and fall to new lows. In that case, the $0.60 area will likely provide support.
MOVE Price Breaks Out
The MOVE price has regained footing after an initial decline following the TGE.
MOVE will likely break out from the short-term $0.75 resistance area, but the long-term trend is undetermined.
