MOVE, the native token of Movement Network, a modular blockchain project, has become the best performing altcoin today. MOVE reached this milestone after the cryptocurrency’s value increased by 25% in the past 24 hours.
Why is this altcoin topping the top 100 today? This on-chain analysis reveals key details and hints at what could be next for its price.
High traffic volume and network activity
On December 24, the price of the MOVE token was $0.84. As of this writing, the price has surpassed $1. This price increase is linked to the massive increase in the volume of the cryptocurrency. At one point yesterday, the volume of MOVE was around $830 billion.
Today, the trading volume has risen to $1.69 billion, reflecting a growing interest in the altcoin, outpacing many other cryptocurrencies. From a price perspective, rising volume with an increasing price indicates a strong uptrend.
Conversely, a decrease in volume indicates waning interest, which could weaken the upward momentum. Given the current conditions, the best-performing altcoin MOVE appears poised to continue its upward trend in the short term.
Movement’s surge in volume and price may also be linked to the integration of Wrapped Bitcoin (WBTC) onto the network on December 19. With this development, Movement could attract more liquidity to its decentralized finance (DeFi) protocol.
As a result, active addresses on the network have increased. Active addresses are a vital indicator of user engagement and overall market activity. When they rise, they reflect a greater number of market participants interacting with the token.
Conversely, a decline indicates a decrease in transaction activity on the blockchain. According to Santiment, MOVE’s active addresses have increased over the past 24 hours. If this trend continues, the altcoin’s price could continue to rise.
MOVE Price Prediction: $2 Could Be On The Way
From a technical perspective, the altcoin rally was triggered by a breakout from a descending triangle. A descending triangle is defined as a bearish chart pattern that features a falling upper trendline and a flatter horizontal trendline below the first.
However, MOV price did not fall below the horizontal support line and instead rose to $1.06. With the breakout, the token is likely to rise towards $1.45. In a very bullish scenario, MOV value could jump towards $2.
Move price analysis
On the other hand, if altcoin holders or those who still hold their airdrop decide to sell, this may not happen. Instead, the token may drop to $0.53.