Movement Labs announced a reuptake plan of $ 38 million after receiving the funds from a problematic market maker. With the effect of this development, Move has increased by 700 percent in the transaction volume within the last 24 hours. With this volume increase, the price of Altcoin rose with a double digit. Analysts are waiting for more price increase for Move.
Movement Labs took back the funds, the Move price jumped!
Movement (Move) has made an extraordinary rise by pioneering 24 -hour earnings with a huge increase of 700 %in the transaction volume. According to CoinMarketCAP data, this intensive market activity increased the price of Altcoin to $ 0.5986 with an increase of 28 %. The token price decreased a little during the article and fell to $ 0.54. Investors are now curiously watching whether this subcoin, which has a market value of $ 1.33 billion, will maintain this explosive acceleration.
Move is still traded with a remarkable discount of 61.83 %compared to $ 1.45, which is the highest level of all time. However, the 20 -day EMA (exponential moving average) value was successfully over $ 0.4712. This sharp upward price movement came immediately after Movement Labs’s announcement of a reuptation plan of $ 38 million. This plan is implemented after the recovery of funds from market makers with the help of the Binance Exchange.
Technical signals point to more earnings for Altcoin
Captain Faibik Plug Crypto analyst, Move’un daily price graph reduced channel model drew attention to the technical break. According to the graph shared by the analyst, the break seems to have been confirmed by Move’s decisive way to the upper limit of the channel. This move was accompanied by a significant increase in transaction volume.
This technical movement is usually noticed when there is a positive market change for token, as well as a strong purchase interest. This breaking is compatible with the analyst’s potential 80 %price increase estimation. However, in order to safely announce a continuous bull tendency, key resistance levels need to be exceeded.
Move Price Analysis: Altcoin price may be higher!
According to the graphics analysis, Move’s price movement not only passed the simple 20 -day simple moving average (SMA), but also touched the upper Bollinger band around $ 0,5367. The expansion of the Bollinger bands typically indicates that price volatility increases and reveals the likelihood of the rise. If the price manages to be consolidated above $ 0.53, Move can aim to test the next resistance level of around $ 0.60 and go higher.
The relative power index (RSI) for Move has reached 60,10 and increased significantly. This data also points to the increasing rise momentum. However, the angle of the RSI line shows that this rise pressure may begin to slightly decrease.
What was the problem with the market maker and how did Binance help?
Move’s latest price rise is closely linked to Movement Labs successfully recalled the $ 38 million fund from the market maker. Binance announced that this marketmaker is in unethical unilateral trading applications. Instead of fulfilling the liquidity obligations for the Move Token, the market -maker emptied 66 million Move Token shortly after the token was listed.
Kriptokoin.comAs you followed, after the intervention of Binance, the problematic market -maker was removed from the platform on 18 March. The recycled funds will now be used by Movement Labs to buy Move Token over the Binance for the next three months as part of the reuvement programs.
