MOVE rallied for the second straight day, supported by continued token buybacks by the Movement Network Foundation.
In response to information from crypto.information Movement (MOVE), the native token of the modular Layer-2 blockchain ecosystem, surged over 35% on June 26 to succeed in an intraday excessive of $0.199 throughout afternoon Asian buying and selling hours. The rally pushed its market cap above $512 million and prolonged its weekly beneficial properties to over 52%.
Its day by day buying and selling quantity rose over 300% in comparison with the day past, with investor sentiment doubtless being buoyed by ongoing token buyback exercise by the Movement Network Foundation.
In response to official disclosures, the Movement Network Foundation, an entity overseeing the Movement ecosystem, has repurchased 45 million MOVE tokens prior to now 24 hours, bringing complete June buybacks to 63 million tokens.
The initiative seems to be a part of a repurchase program funded by means of a Movement Strategic Reserve, which was established in Might. A portion of the reserve is reportedly backed by belongings recovered from Rentech, a now-banned market maker accused of value manipulation.
By way of this reserve, tokens are being actively purchased again from the open market to assist stabilize costs and scale back volatility within the aftermath of the sell-off.
In the meantime, the current buybacks come after the Movement group transferred 500 million MOVE tokens to Binance in early Might 2025 as a part of the MOVE Launchpool Season 2 initiative.
The token switch and Launchpool initiative look like strategic efforts by the Movement group to realign with token holders and ease issues over potential delisting, issues that had been amplified after Coinbase delisted MOVE in Might, citing non-compliance with itemizing requirements within the wake of the Rentech incident.
The buyback program appears to have contributed to a noticeable uptick in bullish sentiment.
Concurrently, whale accumulation has additionally picked up tempo. In response to Nansen information, whale wallets have elevated their MOVE holdings by almost 200% over the previous three months, now collectively holding 843,829 tokens.
Nonetheless, extra information presents a bearish word. Whereas whales have elevated their holdings, Good Cash wallets, typically seen as extra strategic, have decreased their MOVE publicity by 52% inside the identical interval. This divergence means that whereas bigger holders are accumulating, extra strategic merchants should still be cautious about MOVE’s long-term outlook.
MOVE value evaluation
On the 1-day/SUDT value chart, MOVE has damaged out of a multi-week falling wedge sample, a usually bullish technical formation that always precedes upward value reversals.
MOVE value has additionally breached a descending trendline that had been capping value motion since late December, indicating a possible shift in market construction from decrease highs to greater highs.
Momentum indicators such because the RSI and MACD have additionally turned upward, reinforcing the probability of sustained bullish momentum within the close to time period.
Primarily based on this technical setup, essentially the most possible upside goal for MOVE lies on the $0.41 stage, which represents the 23.6% Fibonacci retracement zone and 115% above the present value stage.
Regardless of this, a deterioration in broader market sentiment, significantly if geopolitical tensions within the Center East escalate, might invalidate this bullish construction. In that case, MOVE dangers falling again towards the $0.11 stage, a important help zone that has traditionally attracted shopping for curiosity.
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