- Move token has broken a long downtrend and now is trading at $0.53.
- It could reach $0.68 as momentum accumulates if it manages to hold up above the $0.53 line.
- Failure to hold could push the price back to $0.46 or even $0.39.
Move ($MOVE) has broken up strongly from a descending channel, a sign that the trend might reverse. After much effort, the token is now trading at $0.5303, a 4.66% gain, while it retains an effort at momentum above the upper boundary of the channel. If this breakout holds, analysts suggest that $MOVE could push toward $0.68, a key resistance level in the chart. This move comes after many weeks of sustained downward pressure after bottoming at around $0.39 before showing a strong rebound. As such, traders are watching carefully whether or not $MOVE can maintain this breakout because failure could send it down again to lower supports.
The bullish spark was ignited by the breakout from the descending channel.
According to the breakout from the descending channel, MOVE was trading in this bearish structure for more than one month by now. Having started at the height of $1.17 for an unending downslide, it kept on rejecting critical resistance levels, actually triggering a long time period of downtrend. This newest push beyond the channel indicates change of attitude among the buyers who are now rushing at fairly lower levels. The next most relevant testing point is $0.56, which is a Fibonacci retracement that could determine whether $MOVE goes forward or suffers more selling.
This is just the beginning of a move that is likely to have breakout implications for traders, as they would then have targets to look up at from there. The $0.60 mark will start the first resistance point, and further movement will be maintained toward $0.68 if momentum continues. Confirmation above these levels with a daily close will trigger extended rally tests for $0.78-$0.80 zone. However, an extended retest toward the previous support levels of $0.46 and possibly $0.39 will occur if the breakout fails to hold. The market’s reaction over the next few trading sessions will determine the direction for $MOVE.
Watchers Observe Daily Close Confirmation
Although promising, analysts agree the breakout hinges on a strong daily close above the channel. Rejection at current levels would imply a false breakout, with new selling pressure to follow. Conversely, sustained buying interest may build on this bullish momentum as more traders jump in to take advantage of the new market conditions. Days ahead will be very critical in determining whether $MOVE reinforces or slips back into its previous trend after the breakout.
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