Movement (MOVE) Tests 75-Day Resistance — Breakout Could Trigger 60% Price Surge

Key Takeaways

• Movement (MOVE) follows a descending resistance trend line
• The Movement price fell to a new all-time low on March 4.
• Can MOVE break out from the resistance and end its correction?
• Interested in buying or selling MOVEMENT MOVE coin? Read our review of the best exchanges to buy and sell MOVEMENT MOVE.

MOVE launched successfully on Dec. 9, 2024, immediately entering the top 60 largest cryptos ranked by their market capitalizations.

The price continued ascending until the end of the year before reversing on Dec. 26, losing nearly 60% of its value.

Despite the drop, MOVE held its ground in the rankings, currently sitting as the 63rd largest cryptocurrency.

While the price fell to its all-time low on March 4, several bullish signs predict an eventual breakout. So, let’s analyze the price action and see what lies ahead.

MOVE Attempts Breakout

The daily time frame chart shows that MOVE increased immediately after its launch, reaching a new all-time high of $1.23 on Dec. 26. However, the trend has been bearish since, as MOVE has declined under a descending resistance trend line.

The drop led to a new all-time low of $0.37 on March 4.

The trend line has caused four rejections so far, the most recent taking place today. Since resistances weaken once they are touched numerous times, an eventual breakout from the trend line is likely.

If a breakout happens, the next resistances are at $0.60 and $0.80. The former is horizontal, while the latter is both horizontal and Fibonacci resistance.

Technical indicators are gradually turning bullish, supporting the possibility of a breakout. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have generated bullish divergences, indicating a likely breakout.

So, the daily time frame chart leans bullish.

What’s Next for MOVE?

The wave count aligns with the bullish MOVE prediction from the price action and indicator readings. It shows the decrease since the all-time high is a completed five-wave downward movement (red).

Wave five extended and has the same length as waves one and three combined. Moreover, it created a descending wedge, a sign of a completed diagonal.

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Even though the five-wave decline means the long-term trend is bearish, it is also followed by a relief rally. So, the most likely future outlook is an A-B-C structure that takes the MOVE price to the 0.5-0.618 Fibonacci retracement resistance area of $0.80-$0.90.

Since the breakout is predicted to be a relief rally, a rejection of this resistance is expected, followed by a decline to new lows.

Nevertheless, the reaction once the Movement price gets there can help determine if the relief rally goes higher or if it is possibly a bullish trend reversal to new highs.

Alternatively, failing to break out from the wedge will invalidate the bullish scenario and indicate a new all-time low is ahead. This is currently less likely than the bullish scenario.

MOVE Breakout Incoming

The MOVE price bounced after falling to its all-time low on March 4 and shows signs that it will break out from its corrective pattern.

If it does, an upward movement to at least $0.80-$0.90 is likely.