The MOVE cryptocurrency hit a 2-month peak after severing ties with a previously hired market maker, sparking significant action among large investors.
Reasons for MOVE's Surge
On March 28, MOVE surged 32% to an intraday high of $0.594, primarily due to the severance of ties with a market maker that turned rogue after MOVE's Binance listing. This market maker dumped massive volumes of tokens while placing almost no buy orders, leading Binance to freeze its profits and remove it from the platform.
Investor Reaction and Actions
The announcement of the breakup and the $38 million USDT recovery initiated a buyback program named Movement Strategic Reserve, causing a wave of accumulation among whales. In the past 48 hours, large holders increased their holdings from 553 million to 953 million tokens — nearly a 400 million increase.
MOVE Price Analysis
MOVE broke out of a multi-month falling wedge on the daily chart, indicating a bullish reversal. The MACD and Super Oscillator indicators confirm a shift in momentum towards the bulls. With the Money Flow Index at 65, buying pressure is rising but hasn't yet reached overbought levels, potentially giving the token a chance to hit its psychological resistance of $0.90.
Measures to curb rogue market influences and maintain price stability have positively impacted MOVE, presenting opportunities for further growth under favorable conditions.
