Movement (MOVE) Soars 27%—Rising Wedge Formation Signals Potential Breakout or Reversal

Key Takeaways

• MOVE has been consolidating within a rising wedge formation following its recent rally.
• The Fibonacci retracement at $1.12 offers key support.
• A breakout is expected soon, but either direction remains possible.

Movement (MOVE) has entered a corrective phase following its recent bullish rally, consolidating within a rising wedge pattern.

After a 27% price surge on Dec. 25, the token has pulled back to retest the rising wedge support. This price action suggests a potential breakout is on the horizon, though the direction remains uncertain.

The next major price movement will depend on how the price interacts with the current support levels. A breakout to the upside would signal continued bullish momentum, while a breakdown could indicate a shift toward a downward trend.

MOVE Price Analysis

The hourly chart for MOVE displays a classic Elliott Wave pattern, with the token having completed Waves 3 and 4.

Currently, it is within Wave 5, forming a rising wedge structure.

As of Dec. 26, the price reached a high of $1.23. At press time MOVE was testing the 1.618 Fibonacci extension at $1.14.

The price’s interaction with the $1.14 support zone will be crucial.

If the price breaks below this level, it could suggest the completion of the five-wave impulse, signaling a possible trend reversal. However, if the price bounces from here, it could continue its upward trajectory, with Wave 5 targeting higher Fibonacci levels.

Key resistance levels for Wave 5 are $1.22 (2.0 extension), $1.27 (2.272 extension), and $1.34 (2.618 extension).

The rising wedge formation indicates that while further upside is possible, a breakdown may eventually occur. Immediate support levels include $1.02 (1.0 Fibonacci) and $0.98 (0.786 Fibonacci retracement).

The Relative Strength Index (RSI) shows divergence, signaling weakening bullish momentum despite higher prices.

This suggests caution, as a retracement to $0.95 or lower is possible if the wedge breaks down. Conversely, a strong push above $1.22 could reignite bullish momentum, pushing the price toward higher extensions.

Key Observations

• MOVE entered Wave 5 with a rising wedge formation, indicating a possible continuation or reversal.
• Bearish RSI divergence suggests weakening momentum despite higher highs.
• The 1.618 Fibonacci extension ($1.14) has acted as strong support during consolidation.

MOVE Price Prediction 

The 15-minute chart shows the development of corrective Wave iv within the larger impulsive structure.

The price is consolidating within a descending wedge, which suggests a potential breakout leading to Wave v. The Fibonacci retracement levels are crucial in marking key support and resistance zones for the upcoming moves.

Wave iv is nearing completion, with support holding above the 0.382 Fibonacci retracement level at $1.12.

A breakout from the descending wedge could trigger a move toward Wave v, with initial resistance targets at $1.41 (1.272 extension) and $1.53 (1.618 extension). On the downside, key support remains at $1.12 and $1.07, in alignment with the Fibonacci retracement levels.

If Wave iv completes as expected, the price could push higher into Wave v, targeting the 1.272 and 1.618 Fibonacci extensions for the next leg of the uptrend.

Key Levels to Watch:

• Immediate support: $1.12 (0.382 Fibonacci retracement) and $1.07 (0.236 retracement).
• Immediate resistance: $1.41 (1.272 Fibonacci extension).
• Major resistance: $1.53 (1.618 Fibonacci extension) and $1.41 (2.0 extension).