Move (MOVE) has increased by 10% in the past 24 hours, bringing its market value to $1.6 billion. Indicators like RSI and ADX confirm a strong upward trend, with RSI at 62 suggesting the potential for further increases before hitting overbought levels.
MOVE is preparing to test important resistance levels, including $0.86 and potentially $1.10, marking new highs if the trend continues. However, if the upward trend cannot be maintained, it may need to retest the important support level of $0.59. A break below this level could lead to new lows.
The RSI of MOVE remains below the overbought territory.
The RSI of MOVE is currently at 62, a significant increase from 46.6 just one day prior, indicating that bullish momentum is strengthening. This implies that buying pressure has increased, supporting the recent price increases of MOVE, making it one of the best-performing altcoins in the top 100 currently.
However, although the price has increased, the RSI of MOVE has not yet surpassed the 70 level, meaning it has not entered the overbought territory. This may suggest there is still room for continued growth before the market becomes too hot.
RSI of MOVE. Source: TradingView
RSI (Relative Strength Index) measures the speed and magnitude of price changes to assess whether an asset is overbought or oversold. A reading above 70 typically indicates overbought conditions, suggesting a potential pullback, while a reading below 30 suggests oversold conditions, often foreshadowing a recovery.
With the RSI of MOVE at 62, the market remains in a neutral to positive zone, suggesting the potential for continued upward trends in the short term. However, if the RSI approaches 70, it may indicate weakening momentum, potentially leading to a correction or consolidation phase.
The upward trend of MOVE is becoming stronger
The DMI chart of MOVE shows ADX at 30.9, up from 21 two days ago, indicating a strengthening trend. The increase in ADX suggests that the current upward trend is gaining momentum, with buyers now fully in control.
With D+ at 33.2 outperforming D- at 12.11, the market is clearly dominated by bullish forces, indicating strong upward pressure on MOVE's price.
DMI of MOVE. Source: TradingView
ADX (Average Directional Index) measures the strength of a trend without indicating its direction. Values above 25 indicate a strong trend, while values below 20 suggest a weak or non-trending market.
The ADX of MOVE at 30.9 confirms a strong upward trend, with D+ indicating active buying and D- reflecting minimal selling pressure.
MOVE price prediction: Could it reach around $1 again?
Movement has been in the news since being listed on Binance about a week ago. If the current upward trend continues, MOVE is likely to test the resistance level at $0.86 in the near future.
A successful breakout above this level could pave the way for further gains, targeting $1.03 and potentially $1.10, making it one of the most interesting altcoins for October.
MOVE price analysis. Source: TradingView
However, if the upward trend weakens and a downward trend forms, the price of MOVE may face significant downside risk. The nearest strong support level is $0.59, and breaking below this level would lead to new lows for this coin. The coming days will determine whether MOVE can maintain its upward trend or enter a correction phase.
