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MOVE, the native coin of the Ethereum-based Layer-2 blockchain Movement, saw a spectacular 50% surge shortly after its launch on December 9. However, it has now reverses, plummets at the same rate.
At press time, profit-taking is increasing, putting the MOVE Token price at risk of further decline.
Holder Token Movement Sell For Profit
MOVE launched on Monday and quickly attracted the attention of investors. As a result, the token price increased by 50% over the next 24 hours, peaking at $1.45. The token also achieved a market capitalization of $3 billion, securing the 60th position in the top cryptocurrencies list during the same period.
However, the market trend has changed, and today, the altcoin has lost 50% of its value, trading at $0.68 at press time. Its Aroon Down line, evaluated on the daily chart, confirms the strength of MOVE’s current downtrend. As of the time of this writing, MOVE’s Aroon Down line is at 100%.
An asset’s Aroon indicator measures the strength and direction of a trend by tracking the number of periods since the highest and lowest price in the selected timeframe. It consists of two lines: Aroon Up and Aroon Down.
When the Aroon Down line reaches 100%, the lowest price in the selected period occurred recently, signaling a strong downtrend. This shows that the market is in a bearish phase with little upside.
Additionally, MOVE’s declining Chaikin Money Flow (CMF) index further reinforces this bearish outlook. Currently, it is below the zero line at -0.15.
The CMF index tracks the flow of money into and out of the market. A negative CMF value signals increased selling pressure and indicates the possibility of further price declines.
MOVE Price Forecast: Values at Risk of Further Fall
On the 1-hour chart, the Layer-2 token trades at $0.68, hovering above support formed at $0.60. If bearish pressure increases, altcoin prices could test this support level. If not sustained, the downtrend may continue.
Conversely, if trading activity increases again, the MOVE Token price will break through the resistance at $0.77 and climb to $0.88.
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