MOVE, the token of the Movement blockchain ecosystem, is witnessing significant growth due to active buybacks by the Movement Network Foundation.
Buyback Support
On June 26, the MOVE token surged over 35%, reaching an intraday high of $0.199 during Asian trading hours. This led to a market cap increase above $512 million and extended weekly gains over 52%.
Market Analysis and Buying Activity
Daily trading volume for MOVE rose over 300% compared to the previous day, likely buoyed by ongoing token buyback activity from the Movement Network Foundation. In the past 24 hours, it repurchased 45 million tokens, bringing total buybacks in June to 63 million.
MOVE Technical Analysis
On the price chart, MOVE has broken out from a multi-week falling wedge pattern, a typically bullish indicator. Current momentum indicators, such as RSI and MACD, are showing upward trends, suggesting potential continued bullish momentum.
The MOVE market is experiencing positive changes driven by token buyback initiatives and large investor activity, indicating a potential resurgence in interest in the token.
