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.
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.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
