The post How MOVE’s recovery prospects may be at risk thanks to selling pressure appeared on BitcoinEthereumNews.com.

Movement token has a bearish technical bias in the short-term, faces sell-pressure at $1 On-chain metrics suggested bulls can be hopeful of a recovery Movement [MOVE] saw a 5% hike in Open Interest in the 24 hours before press time. This was accompanied by a 3.3% price gain. During this time, Bitcoin [BTC] gained by 0.04%, with its OI dropping by 0.09% too. Despite the bearishness of Bitcoin, however, the realized cap and supply distribution metrics revealed that MOVE might be gearing up for a recovery. MOVE range formation outlines crucial support and resistance levels Source: MOVE/USDT on TradingView Over the past month, Movement token has traded within a range. It climbed from $0.83 to $1.13, with the mid-range level at $0.98. Over the last five days, the mid-range level has opposed bullish efforts at recovery. It also lined up with the psychological $1-level, making it a harder challenge for the buyers to overcome. The $0.8-$0.83 area is a support zone. The OBV has not formed new lows over the past two weeks – An encouraging sight. The selling volume was not overwhelming either. The Awesome Oscillator showed bearish momentum was the norm in recent days, but it seemed to be on the verge of forming a bullish crossover too. Source: Coinalyze Meanwhile, data from Coinalyze highlighted strong short-term bearish sentiment. The Open Interest has been trending lower alongside the spot CVD. The 5% gains over the last 24 hours were too little to counteract the prevalent selling sentiment. Short-term realized cap underlines distribution trends Source: Santiment The NVT ratio saw a sharp uptick recently. This indicated potential overvaluation of the token, relative to its transaction volume. The 30-day MVRV ratio was at -4%, highlighting that MOVE holders were at a minor loss. The realized cap across the 30-day window…

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Filed under: News - @ January 13, 2025 1:05 am