Relocation rose to a highest point of 2 months, because it said goodbye to a malicious market maker, who caused a renewed interest among whales.
According to data from crypto.news, Movement (Move) rose 32% to an intraday high from $ 0.594 on March 26 Asian times, while market capitalization was $ 1.36 billion. The daily trade volume also rose 7-time in the course of the period and reached around $ 829 million.
Most of today’s profit came after the Movement Network Foundation had announced that it had found around $ 38 million in USDT from a market maker offered now who had activated on Binance.
The entity was originally introduced to offer liquidity for relocation on the platform by placing buying and sales orders to stabilize the price and support healthy trade. However, the market maker became malignant and dumped 66 million relocation sticks shortly after the offer of token on Binance while he placed almost no buying orders.
Binance marked this behavior as ‘market -uniformity’, froze the profit of the market maker and removed them from his platform.
Movement Foundation, which broke the ties with the company, has committed the full $ 38 million for a three -month return program called the Movement Strategic Reserve. In short, they will buy relocation from the open market to relieve sales pressure and to pump more liquidity into the ecosystem.
The return news started a wave of Whale accumulation.
On March 24, portfolios with between 100 million and 1 billion relocation had around 553 million tokens. From today, that number shot up to 953 million, which means that whales have collected about 400 million moving in just 48 hours. For the current price that is more than $ 185 million in tokens.
On-chain statistics also look strong. Daily active addresses spiked with 265%and the social sentiment was positively reversed in the past day.
Move price analysis
On the 1-day/USDT price diagram, Move is broken from a multi-month falling wig pattern, which is usually a bullish reversing signal and can mean a longer rally in front of the bow.
The MacD and Super Oscillator lines both point out, which confirms that the momentum is shifting in favor of the bulls and points to more upside down in the short term.
Moreover, the Money Flow Index was at 65, which shows that the purchasing pressure is being collected, but there is still room for more before the overbought territory touches.
Given these positive signs, the movement could collect to its psychological resistance at $ 0.90, 65% above current levels. This has also worn an important level of resistance for the Altcoin. A break beyond this figure could push it to direct its annual highlight of $ 1.12.
However, if the movement breaks under the lower trend line of De Wig, the setup can become invalid. In that scenario, the value of the Altcoin can sink to $ 0.37.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
