Current Market Structure
Since mid-February, MOVE has been consolidating, with a critical support level forming around $0.4371.
This level aligns with a bullish daily gap and the midpoint of a previous candle tail, making it a key area to watch for a potential retest.
Following the mainnet launch, a "sell the news" reaction may test this support level before determining the next directional move.
Downside Risk: Key Support Levels
If $0.4371 support fails, there is minimal historical support below, making a drop more probable.
Possible profit-taking zones include:
$0.3705 (near bulls' stop levels)
$0.3500 (a major psychological support level)
Upside Potential: Resistance Levels to Watch
If MOVE rebounds off support and breaks above $0.4980 (previous rejection zone), the next bullish targets include:
$0.5573 (first major resistance level)
$0.5820 (historical rejection zone)
Conclusion & Strategy
Bullish Scenario: A strong bounce from $0.4371 could lead to a push toward $0.4980 and potentially $0.5573 if buying pressure sustains.
Bearish Scenario: A break below $0.4371 could accelerate losses toward $0.3705-$0.3500, where buyers may attempt to step in.
Key Watchpoint: How the price reacts at $0.4371 will dictate the next significant move. If it holds, bulls regain control; if it fails, further downside is likely.
Since mid-February, MOVE has been consolidating, with a critical support level forming around $0.4371.
This level aligns with a bullish daily gap and the midpoint of a previous candle tail, making it a key area to watch for a potential retest.
Following the mainnet launch, a "sell the news" reaction may test this support level before determining the next directional move.
Downside Risk: Key Support Levels
If $0.4371 support fails, there is minimal historical support below, making a drop more probable.
Possible profit-taking zones include:
$0.3705 (near bulls' stop levels)
$0.3500 (a major psychological support level)
Upside Potential: Resistance Levels to Watch
If MOVE rebounds off support and breaks above $0.4980 (previous rejection zone), the next bullish targets include:
$0.5573 (first major resistance level)
$0.5820 (historical rejection zone)
Conclusion & Strategy
Bullish Scenario: A strong bounce from $0.4371 could lead to a push toward $0.4980 and potentially $0.5573 if buying pressure sustains.
Bearish Scenario: A break below $0.4371 could accelerate losses toward $0.3705-$0.3500, where buyers may attempt to step in.
Key Watchpoint: How the price reacts at $0.4371 will dictate the next significant move. If it holds, bulls regain control; if it fails, further downside is likely.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.