Long

MOVEMENT BULLISH MOMENTUM!

MOVE is currently showing an interesting setup after nearly a week of correction. The price has revisited the critical support zone marked by the purple box, which historically acted as a strong demand area. This zone represents a potential bottom, as evidenced by the formation of a double bottom pattern, a classic reversal signal indicating that sellers are losing momentum. MOVE has respected this support zone multiple times, confirming its strength as a demand area, suggesting that buyers are stepping in aggressively at these levels to prevent further decline. The double bottom formation is a bullish reversal signal, indicating that the price has found a solid floor, and if the price breaks above the neckline around $0.94, it could confirm the start of an upward move. Additionally, the MACD indicator is showing early signs of a bullish crossover, with the histogram bars contracting and the signal line reversing upward, signaling that momentum is shifting in favor of the bulls. If MOVE successfully breaks above the $0.94 resistance level, the next target lies in the red resistance zone around $1.15–$1.20, which corresponds to previous highs and Fibonacci levels, making it a logical area for profit-taking. However, if the price fails to hold the purple support zone, it could potentially retest the lower support around $0.70–$0.60. This setup highlights a pivotal moment for MOVE, where confirmation of momentum and volume is crucial before entering, as this will help minimize the risk of false breakouts. All eyes are now on whether MOVE can capitalize on this setup and break through the key resistance level, paving the way for a significant upward movement.

anandahaidarr

Also on:

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.