Key Takeaways
- MOVE has its Token Generation Event (TGE) on Dec. 9.
- It already trades inside the top 60 largest cryptocurrencies.
- What is MOVE, and what’s next for its price movement?
Movement is the first EVM Layer-2 for Ethereum that uses the Move programming language, designed by Facebook and used in Sui and Aptos. It had its TGE on Dec. 9 and immediately entered the top 60 largest cryptocurrencies.
Below, we will analyze what MOVE is and its TGE event and attempt to determine the direction of its price movement.
What is Movement?
Movement Labs previously raised $38 million in its series A funding round , led by Polychain Capital, and $3.40 million in its Pre-Seed funding. MOVE is the utility token of the Movement Network ecosystem, and the TGE follows the launch of Mainnet Beta last week.
While claims are open, the Foundation announced that those who wait and claim on the Public Mainnet may be eligible for a 1.25x multiplier.
Binance has supported the launch and allocated 200 million tokens for those who stake BNB on Binance. This is 2% of the maximum token supply. After six months, another 5% of the supply will be allocated to the Launchpool. Binance also added MOVE to its futures and margin products.
Other centralized exchanges such as Bybit, Coinbase, OKX, Upbit, and Bitget have also listed MOVE in their spot and/or futures platforms.
The TGE is part of Phase One in the roadmap, which will conclude with Liquid Deposit Contracts. Then, the Mainnet will launch in Phase 2.
As for its tokenomics, MOVE will have a maximum supply of 10 billion tokens, 22.5% of which will immediately circulate.
The Ecosystem and Community will receive 40%, early Backers and Contributors another 40%, and the Foundation and Initial claims will receive 10% each. The entire supply will be unlocked after 65 months.
MOVE Price Prediction
The MOVE price increased shortly after its launch and is currently 30% above the launch price. It has a market capitalization of $2.33 billion and is ranked #58 as of the time of writing. Additionally, volume in the past 24 hours is $5.92 billion, over twice the market capitalization.
Since MOVE has less than 24 hours of price action, it is notoriously difficult to make an accurate prediction.
Nevertheless, the MOVE price broke out from an ascending parallel channel that initially contained the upward movement, indicating that the increase is impulsive.
Currently, the channel is being validated as supported (white icons). The Relative Strength Index (RSI) is also attempting to validate 50 as support
On the other hand, the wave count gives some bearish readings. The most likely count suggests that MOVE has completed an A-B-C correction structure (white) and has begun a downward movement.
Because of the mixed readings, whether MOVE breaks down inside the channel or bounces can determine the direction of the future trend.
A breakdown will likely lead to a drop toward the channel’s support at $0,80, while a bounce can take the price to $1.30, reaching the 1.61 external Fibonacci retracement resistance.
Undetermined Trend Ahead
MOVE’s launch was a resolute success. There were no reported issues with the airdrop and considerable centralized exchange (CEX) support, which helped MOVE enter the top 60 largest cryptocurrencies.
However, the future price trend is undetermined and depends on the reaction to the current support.
