Movement (MOVE) is down about 11% over the past 24 hours, extending a correction down 26% over the past seven days. Technical indicators, including RSI and Ichimoku Cloud, show a very negative outlook, with MOVE trading near oversold levels and far below the cloud.
The recent death cross formation has strengthened the downtrend, signaling increased selling pressure. For MOVE to recover, it must overcome key resistance levels. However, if the current support fails to hold, the price could continue to decline.
Movement’s RSI Is Still Near the Oversold Zone
MOVE’s RSI is currently 33.3, having recovered slightly after falling to 29.7 a few hours ago. This represents a sharp decline from the RSI level of 53 just two days ago, underscoring the asset’s rapid shift from neutral territory to oversold conditions.
RSI (Relative Strength Index) is a momentum oscillator ranging from 0 to 100, used to evaluate whether an asset is overbought or oversold. Typically, values below 30 indicate oversold conditions, signaling the asset may be undervalued, while values above 70 indicate overbought conditions, pointing to a possible price correction.
With MOVE’s RSI at 33.3, it remains close to the oversold zone, which could attract buyers looking for a suitable entry point. This level suggests that recent selling pressure may be easing slightly, opening up the possibility for price stabilization or recovery.
However, if the RSI fails to climb back towards neutral, it could suggest that the bearish momentum continues, keeping MOVE’s price under pressure in the short term, even after Movement Labs, the company behind MOVE, raised 100 million USD in capital.
MOVE’s Ichimoku Cloud Shows A Discount Picture
The Ichimoku Cloud chart for MOVE currently shows a strongly bearish configuration, with price far below the cloud (Kumo).
The cloud is red and expanding, signaling increased bearish momentum and sustained bearish pressure. This indicates that the current trend is very bearish, with no signs of abating in the near future. The recent correction caused MOVE to lose its place in the top 50 cryptocurrencies, currently ranked 59.
The conversion line (blue) remains below the baseline (red), confirming short-term bearish momentum. Additionally, the clearing band (green) is below both the price and the cloud, reinforcing the bearish outlook.
These alignments between Ichimoku indicators indicate a sustained downtrend, with no signs of a trend reversal. The overall structure of the cloud and the indicator lines reflect a market environment dominated by sellers.
MOVE Price Prediction: Will MOVE Recover to $1 Soon?
The MOVE price recently formed a death cross, a bearish signal where the short-term average crosses below the long-term average, indicating increased bearish momentum. This technical structure reinforces the current downtrend and shows that selling pressure still prevails.
If the current downtrend continues and the support at 70 cents USD fails, the price could fall further to near 59 cents USD. Conversely, if an uptrend emerges, MOVE could break through resistance at 83 cents USD and potentially rally to $1.15 for a 43% gain, which could help MOVE return to the top spot. 50 cryptocurrency.
