While almost the entire crypto market is currently struggling & trading in red, Movement Network (Move) token has managed to rise nearly 12% in the past 24 hours. This sudden rally comes as the Movement Network Foundation launched its Movement Public Mainnet Beta, raising investor confidence.
MOVE Surge Following Mainnet Beta Launch
On March 10, the Movement Network Foundation introduced its Movement Public Mainnet Beta, marking a big step forward for the project. This is the first Move-based blockchain that connects with Ethereum, making it easier for developers to launch smart contracts without restrictions.
https://twitter.com/movementlabsxyz/status/1899127928723853681
Experts believe that when an asset’s AO bars turn green, it shows less selling pressure and stronger buying momentum. This has led to talks that MOVE could continue rising in the coming days.
Meanwhile, the launch has boosted interest in MOVE, increasing its trading volume to $372 million, an 18% jump in just 24 hours. The network also started strong, with $250 million in locked value, ensuring good liquidity and usability from day one.
ETF Filings Could Bring Institutional Interest
Adding to the excitement, asset management firms tREX and Osprey Funds have applied for an exchange-traded fund (ETF) focused on MOVE. If approved, this ETF would allow institutional investors to gain regulated exposure to the token, potentially driving more demand.
MOVE Price Momentum
As of now, the MOVE token is trading at $0.50, slightly above its key resistance at $0.48. However, the token has recently broken out of a month-long downtrend, signaling the possibility of a new bullish trend.
MOVE is currently moving within a tight range, but a breakout could push its price to $0.70 soon. If momentum stays strong, MOVE may continue its upward trend and potentially reach $1 next month.
However, if profit-taking increases, the token could struggle to hold its gains and might even drop back to its all-time low of $0.37.
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