MOVE, the native token of Movement Network – a modular blockchain project, has become the most efficient altcoin in action today. This token achieved an impressive milestone after its value increased by 25% in the last 24 hours.
The on-chain analysis below will clarify important details and predict the next price movement of MOVE.
Trading volume and network activity surge
On December 24, the price of MOVE was $0.84. As of the time of writing, the price has risen above $1. This price increase is closely related to the surge in trading volume of the token. At one point yesterday, the trading volume of MOVE reached about $830 million.
Today, trading volume has surged to $1.69 billion, reflecting increasing interest in this altcoin, surpassing many other cryptocurrencies. From a pricing perspective, when trading volume increases alongside price, it indicates a strong bullish trend.
Conversely, if trading volume decreases, it indicates declining interest, which could weaken bullish momentum. With the current conditions, MOVE seems ready to continue its upward trend in the short term.
Trading volume of MOVE | Source: Santiment
The growth in volume and price of MOVE may be related to the integration of Wrapped Bitcoin (WBTC) into the network on December 19. With this advancement, Movement Network may attract additional liquidity to its decentralized finance (DeFi) protocol.
As a result, the number of active addresses on the network has increased. This is an important indicator to assess user engagement and overall market activity. When active addresses increase, it reflects a higher number of market participants interacting with the token.
Active addresses of MOVE | Source: Santiment
On the other hand, the decline in the number of active addresses suggests that transactions on the blockchain are contracting. According to data from Santiment, the number of active addresses in the last 24 hours for MOVE has increased. If this trend continues, the price of this altcoin may continue to surge.
MOVE price prediction: $2 may be within reach.
From a technical perspective, the price increase of this altcoin originates from the breakout above a descending triangle pattern. A descending triangle is a bearish chart pattern characterized by a downward sloping trend line above and a horizontal support line below.
However, the price of MOVE did not drop below the horizontal support line but instead broke out upward. With this breakout, the token has the potential to rise to $1.45. In an extremely optimistic scenario, the value of MOVE could soar to $2.
MOVE/USDT 4-hour chart | Source: TradingView
Conversely, if altcoin investors or those holding tokens from the airdrop decide to sell, this may not happen. Instead, the token could drop to $0.53.
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