Movement (MOVE) Soars 18% amid Token Buyback Announcement

Coinspeaker
Movement (MOVE) Soars 18% amid Token Buyback Announcement

Movement’s native token MOVE surged by 18% on March 26, following the network’s announcement of a $38 million buyback program. Movement is planning to establish a Strategic Reserve after recovering funds from a market maker accused of violating contractual obligations.

Binance had previously banned the market maker due to its rule-breaking practices. Movement revealed that the market maker had engaged in one-sided trading practices, placing large sell orders without corresponding buy orders. 

This disrupted the token’s liquidity and allowed the market maker to profit by $38 million unfairly. Movement subsequently took legal action and successfully recovered the funds.

Notably, the MOVE purchases using $38 million in recovered USDT will occur on Binance over the next three months, according to the announcement. “[These funds will be] used to purchase MOVE for long-term use and return the USDT liquidity to the Movement ecosystem,” the project stated. 

This move has sparked bullish sentiment among investors, driving the token’s value upward.

MOVE Price Outlook

MOVE is currently trading at $0.5532, marking an 18% gain over the past day. The rally also increased its market capitalization by 18%, bringing it to $1.33 billion.

MOVE had been trading within a parallel channel between $0.37 and $0.54 for the past month. The token recently broke through the $0.54 resistance and reached an intraday high of $0.58. That’s its highest level in over a month.

However, despite the recent surge, MOVE remains 62% below its all-time high of $1.45, achieved in December 2024.

On the daily price chart, the RSI currently sits at 61, indicating increased buying pressure but still below overbought territory. This suggests more room for upward movement.

Meanwhile, MOVE price has broken through the upper Bollinger Band, signaling heightened volatility. If the token holds above the middle band (around $0.47), it could sustain the uptrend. However, a re-test of this level is possible if profit-taking occurs.

The MACD line has crossed above the signal line, signaling positive momentum. Additionally, the expanding histogram suggests increasing bullish strength.

If bulls maintain control, MOVE could target the $0.60–$0.63 range in the short term. However, any close below $0.4550 could lead to a reversal toward $0.37 support.

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Movement (MOVE) Soars 18% amid Token Buyback Announcement