Is Movement (MOVE) Gearing Up for a Bullish Climb or a Bearish Turn?

• Movement is trading at $0.17. 
• MOVE’s trading volume is up by 19%.

The largest asset, Bitcoin (BTC), is trading at $107.2K, and the largest altcoin, Ethereum (ETH), hovers around the $2.4K mark. With a brief spike in market cap, the mixed signals have unfolded, displaying both green and red candlesticks across the crypto assets. Among them, Movement (MOVE) has posted a brief loss of 2.39%. 

In the early hours, the asset chose to trade on the downside, at the bottom range of $0.1695. A sudden bullish shift has triggered the MOVE price to climb to its daily high of around $0.1983. The crucial resistance between $0.1716 and $0.1973 levels was broken. If the upside momentum is regained, the asset might step into the bullish phase, pushing the price up. 

According to CMC data, at the time of writing, Movement traded within the $0.1796 zone, with its market cap at $469 million. Notably, the daily trading volume has increased by over 19%, reaching $398 million. Furthermore, the market has experienced a liquidation of $2.49 million worth of MOVE during this period, as per Coinglass data.

What is Next For Movement?

The Movement’s four-hour price chart shows a brief upward price correction. The price might initially break the resistance at $0.1820. If the mighty bulls invite the golden cross to support the asset’s price, it could likely eye a high above the $0.1831 level. 

On the downside, assuming the bears take control, the price of the asset could slip to the $0.1809 range. An extended correction might push the MOVE’s price to steeply fall, and a death cross may take place, sending the price toward the $0.17 mark. 

While analysing the technical indicators, the Moving Average Convergence Divergence (MACD) line has crossed over the signal line. It typically indicates a bullish crossover. In addition, MOVE’s Chaikin Money Flow (CMF) indicator is found at 0.19, suggesting a positive pressure in the market, with the money flowing into the asset. 

MOVE’s ongoing market sentiment is bullish as the daily relative strength index (RSI) stays at 62.76, which implies that the asset could continue upward. Moreover, the Bull Bear Power (BBP) value of the asset is found at 0.0133, hinting at a mild bullish pressure in the market.

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