MOVE, the native token of the Ethereum-based Layer-2 blockchain, saw a massive 50% surge after its launch on December 9. However, it has now reversed course, falling by a similar percentage.
At the time of publication, profit taking is intensifying, putting the MOVE token price at risk of falling further.
Movement token holders sell for profit
MOVE launched on Monday and quickly caught the attention of investors. As a result, the token’s price surged by 50% in the next 24 hours, peaking at $1.45. The token also reached a market cap of $3 billion, securing its place as one of the top 60 cryptocurrencies in the same period.
However, the market trend has since changed, and the altcoin has now lost 50% of its value, trading at $0.68 at press time. Its Aroon Down line, evaluated on the daily chart, confirms the strength of MOVE’s current downtrend. As of writing, MOVE’s Aroon Down line is 100%.
The Aroon indicator for an asset measures the strength and direction of its trend by tracking the number of periods since the highest and lowest prices within a given time frame. It consists of two lines: Aroon Up and Aroon Down.
When the Aroon Down line reaches 100%, the lowest price during the specified period occurred recently, indicating a strong downtrend. This indicates that the market is in a bearish phase with little upward momentum.
In addition, the declining money flow of MOVE (CMF) reinforces this bearish outlook. Currently, it is below the zero line at -0.15.
MOVE CMF
The Aroon indicator for an asset measures the strength and direction of its trend by tracking the number of periods since the highest and lowest prices within a given time frame. It consists of two lines: Aroon Up and Aroon Down.
When the Aroon Down line reaches 100%, the lowest price during the specified period occurred recently, indicating a strong downtrend. This indicates that the market is in a bearish phase with little upward momentum.
In addition, the declining money flow of MOVE (CMF) reinforces this bearish outlook. Currently, it is below the zero line at -0.15.
On the other hand, if buying activity resumes, the MOVE token price will break the resistance at $0.77 and head towards $0.88.#elaouzi#Binance #BTCReclaims101k