MOVE, the native token of Movement Network – a modular Blockchain project, is becoming the highest performing altcoin today. MOVE reached this milestone after the cryptocurrency’s value increased by 25% in the past 24 hours.
Why is this altcoin leading the top 100 rankings today? This Blockchain analysis uncovers key details and suggests what might happen next for its price.
Movement’s Trading Volume and Network Activity Increase
On December 24, the price of MOVE Token was 0.84 USD. As of writing, the price has crossed the $1 threshold. This price increase is associated with a significant growth in the trading volume of this cryptocurrency. At one point yesterday, MOVE volume reached about $830 billion.
Today, trading volume skyrocketed to $1.69 billion, reflecting heightened interest in this altcoin, surpassing many other cryptocurrencies. In terms of price, increased volume accompanied by rising prices indicates a strong uptrend.
Conversely, falling volume indicates waning interest, which could dampen price momentum. Given current conditions, altcoin MOVE is showing the possibility of continued escalation in the short term.
Movement’s increased volume and price may also be related integration Wrapped Bitcoin (WBTC) on-chain on December 19. With this development, Movement can attract more liquidity to its DeFi (DeFi) protocol.
As a result, active addresses on the network have increased. Active addresses are an important indicator of user engagement and overall market activity. When they increase, it reflects an increasing number of market participants interacting with the Token.
Conversely, a decline indicates reduced transaction activity on the block chain. According to Santiment, MOVE’s 24-hour addresses have increased. If this trend continues, altcoin prices will likely continue to climb.
MOVE Price Prediction: $2 Could Be Coming
From a technical perspective, the altcoin rally stems from a breakout from the descending triangle. A descending triangle is a bearish chart pattern defined by a descending upper resistance level and a flatter horizontal resistance level below the upper resistance level.
However, the price of MOVE did not fall below the horizontal support line but rose to $1.06. With the breakout, the Token is likely to rise to $1.45. In a very positive case, the value of MOVE can be up to 2 USD.
Conversely, if altcoin holders or those still holding the airdrop decide to sell, this may not happen. Instead, the Token could drop to $0.53.