A strategic reserve wallet associated with Move crypto recently received a substantial inflow of 45 million MOVE tokens, valued at approximately $7.85 million. This transfer originated from a series of Binance wallets and signals continued activity despite recent market fluctuations.
Although the token’s daily price change showed a slight decline, on-chain metrics suggest positive momentum. The recent deposit increases the strategic reserve’s total holdings to 168 million tokens, worth over $28 million.
However, the wallet still shows an unrealized loss of around $7.77 million. This indicates that the management strategy may be focused on long-term holding or internal usage rather than immediate selling pressure.
Market Structure Shifts Towards Bullish Trend
Move’s price action has turned bullish after breaking through a key descending trendline. The token successfully retested the support zone near $0.165, confirming a change in market structure.
This breakout suggests a continuation pattern that could support further buyer interest, potentially driving the price toward $0.175 and beyond. If the bullish structure holds, we might see the token test resistance levels at $0.18 or even approach $0.25.
Technical indicators like the MACD are also showing signs of shifting momentum. The MACD and signal lines are converging, indicating reduced bearish pressure and a possible bullish crossover.
If this occurs, the price could aim for the middle band of the Bollinger Bands or revisit earlier support levels between $0.168 and $0.165. Failure to hold above this zone might lead to a decline toward $0.16 or lower.
On the other hand, a sustained close above $0.176 could reignite bullish trading interest and pave the way for a move toward $0.185–$0.195.
Liquidation Levels and Short-Term Price Action
Move’s liquidation heatmap reveals significant activity around the $0.165–$0.172 range. This zone previously saw strong liquidation events during the rally from $0.16 to $0.175.
Above the $0.176 level, layered liquidity suggests potential short positioning. A breakout above this resistance could trigger a cascade of liquidations, further fueling upward momentum.
Conversely, support liquidity is relatively thin around $0.17, with a more substantial cluster near $0.165 serving as a potential safety net.
A successful breach of the $0.176 resistance could lead to a rapid price increase. However, a failed attempt might result in a temporary pullback toward the $0.168–$0.165 support zone or even lower.
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Frequently Asked Questions
What caused the recent withdrawal from Binance to Move’s strategic wallet?
The transfer of 45 million MOVE tokens appears to be part of a treasury management strategy. It suggests internal allocation or future ecosystem use rather than immediate selling.
Is Move’s current price action bullish or bearish?
The breakout above the descending trendline and successful retest of the $0.165 support level indicate a bullish shift. However, traders should watch for a close above $0.176 to confirm sustained upward momentum.
What are the key support levels for Move?
Critical support lies between $0.165 and $0.168. A break below this zone could lead to a test of lower levels, possibly around $0.16.
How do liquidations impact Move’s short-term price?
Liquidation clusters around $0.165–$0.172 create volatility. A breakout above $0.176 could trigger cascading liquidations, accelerating upward movement.
What is the significance of the MACD convergence?
The narrowing gap between the MACD and signal lines suggests weakening bearish momentum. A bullish crossover could signal a trend reversal and attract more buyers.
Can Move reach $0.25 in the near future?
While possible, reaching $0.25 would require sustained bullish momentum and a break through multiple resistance levels. Traders should monitor volume and market sentiment for confirmation.