The post Analyzing MOVE crypto’s rally – Will profit-takers fuel a reversal? appeared on BitcoinEthereumNews.com.

MOVE crypto has gained by more than 12% in 24 hours after a surge in buying pressure. The dropping RSI on the hourly chart suggests that traders who bought during the rally might be booking profits. Movement [MOVE] has outperformed the rest of the broader market after recording an over 12% gain in 24 hours. At press time, MOVE traded at $0.797 amid a 137% surge in trading volumes per CoinMarketCap.  MOVE’s uptrend has seen its market capitalization surge past $1.79 billion, and the altcoin now ranks as the 61st largest cryptocurrency by this metric.  One of the factors that stirred MOVE’s uptrend was a spike in buying activity as short-term traders sought to book profits during the rally. However, buying volumes appear to have subsided on lower timeframes, which could trigger a downtrend if selling volumes increase.  The Relative Strength Index (RSI) had dropped to 41 at press time, and it was close to oversold regions. While this could precede a short-term correction to the upside, it could suggest that the traders who purchased during the uptrend are beginning to sell. Source: Tradingview The green Bollinger Band Trend indicator also shows that bulls have the upper hand despite the spike in selling activity. If buyers reenter the market, it could push the price back to the key resistance level of $0.882.  On the other hand, if the bearish trends persist and buyers fail to step in, MOVE could drop to a crucial support level at the 1.618 Fibonacci level ($0.57).  Analyzing derivatives data  A look at derivatives market data for MOVE crypto shows a significant spike in speculative activity that could drive volatility.  The token’s open interest has increased to $86 million after a slight 1.6% gain in 24 hours. At the same time, volumes across the derivatives market…

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Filed under: News - @ December 20, 2024 11:19 pm