Date: Sunday, March 09, 2025 | 10:00 AM GMT
Over the past week, the crypto market has seen major developments, including President Trump’s announcement of the Crypto Strategic Reserve and new executive orders for a Bitcoin Strategic Reserve. However, despite these high-impact events, the broader market remains in a downtrend, with most altcoins still struggling to gain bullish momentum.
Amid this bearish sentiment, Movement (MOVE) has emerged as a standout performer, posting 8% gains today and narrowing its 60-day correction to 44%.
Source: Coinmarketcap
Falling Wedge Breakout
Today’s rally has propelled MOVE beyond a critical falling wedge resistance, a bullish technical pattern that often precedes trend reversals. The token recently bounced off strong support at $0.35, aligning with the 200-day Moving Average (200MA), and successfully broke out of the wedge by surpassing the $0.49 resistance level.
At the time of writing, MOVE is trading at $0.52, showing early signs of strength. However, a retest of the breakout level could be on the horizon before further upside.
If MOVE sustains this momentum, the next major hurdle will be the 50-day Moving Average (50MA). A clear break above the 50MA would solidify the uptrend, potentially driving prices toward $0.61 and then $0.84—a 56% upside from current levels.
The MACD indicator, which is flashing early signs of a bullish crossover. This suggests that buying pressure is increasing, reinforcing the breakout’s legitimacy.
Will MOVE Carry Its Upside Momentum?
For MOVE to confirm a strong bullish trend, it needs to stay above the breakout zone and clear the 50-day moving average. If successful, this could lead to a sustained recovery.
However, the broader market sentiment remains a crucial factor. If Bitcoin and Ethereum continue their downtrend, it could slow down MOVE’s momentum despite the bullish breakout.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
