After a year of decline, the Movement (MOVE) cryptocurrency may have bottomed out and started to rebound. Movement has transitioned from an Ethereum Layer 2 (L2) blockchain to a fully independent L1 blockchain.
According to data from CoinMarketCap, the MOVE index has risen by more than 12% in the past 24 hours, extending its gains for a second consecutive day. Daily trading volume has doubled, surpassing the $84 million mark.
In addition to technical breakthroughs, fundamentals and network activity have also driven the rise of MOVE.
From a fundamental perspective, Movement has established partnerships with more than 10 DeFi applications, which inject funds into the ecosystem by charging fees. These revenues are used for MOVE's buyback program, thereby reducing the circulating supply in the market.
As background, the main alliance in this ecosystem is the partnership with LayerBank. The ULAB token launched on the MOVE network has raised about $2.3 million, promoting further DeFi integration.
In terms of activity, the number of monthly active addresses rose by 17% to 21,400 as of press time. This reflects an increase in network traffic since early December, even though the price remains low.
According to data from Movement Explorer, the total number of accounts is approaching 570,000, while the number of deployed contracts is 28,837, with 4,710 deployers in total. data.
In addition, the number of transactions grew from 509,000 to 849,000 in two days, bringing the monthly transaction total to 2.8 million, confirming the shift in trading activity.
Over the past two days, all these on-chain indicators have supported the price increase. Is the technical side enough to indicate that MOVE will maintain this trend?
On the hourly chart, MOVE broke through the descending trendline resistance that had been capping prices for more than two months since the sharp drop on October 10.
However, since its launch rally, this altcoin has been in a downtrend, which ended on December 25, 2024, when the price of MOVE cryptocurrency slightly exceeded $1.50.
After the breakout, MOVE's price surged by more than 51%, but then quickly pulled back. The price dropped and stabilized around $0.0418. If the price can hold this level and break above $0.0600 to set a new high, it would indicate that the uptrend will continue. Otherwise, sellers will continue to dominate.
However, during this period, sellers have shown strong momentum, as confirmed by the MACD indicator. In addition, the Cumulative Volume Delta (CVD) is negative at $8.35 million, indicating that after a brief rebound, selling pressure dominates.
Although this altcoin performed strongly on the day, sellers are still reluctant to give up control. MOVE is in a bear market, but after a year of decline, the bulls have shown initial signs of a possible rebound.
While a reversal still requires market changes on a larger time frame to be confirmed, the possibility of a reversal remains.