$MOVE recovered
Well off its short-term decline.
The retest and defense of the 78.6% level highlighted the bullish conviction.
The move [Move] has performed well in the past 24 hours, gaining 12.09% while the altcoin market has fallen by 1.7%. This strong relative performance has been an encouraging sight for bulls.
Bullish structure for MOVE - but also some volume concerns
4 hour chart move
Source: MOVE/USDT on TradingView Binance
The cryptocurrency price was in a strong bullish trend. After rising from $0.59 to $1.13, it saw a retracement to $0.7, the 78.6% Fibonacci level.
Since then, the token has rebounded strongly, helped in part by Bitcoin’s (BTC) short-term bullish run over the past few days.
During the MOVE recovery, volume surged higher. While this was an encouraging sight, OBV did not break a local high.
This showed that buying pressure was on the rise, but it was not significant enough to overwhelm the selling seen since December 20th.
Therefore, although MOVE has made a new high, it may struggle to push higher due to insufficient volume. Meanwhile, the RSI showed that momentum was strongly higher.
The next targets are $1.26, $1.47 and $1.68. In the short term, the $1.2 area is resistance, while the $1.03-$1.05 area is a demand area.
A drop below $0.997 will turn the structure bearish and could be an early warning of another bounce.
Open interest nearly doubles in three days
Coinalyze Movement
Source: Coinalyze
Since December 23, open interest has nearly doubled, rising from $71.8 million to $135.68 million at press time.h
This has reflected heavy bullish speculative activity as MOVE has seen gains in the past three days.
The funding rate was also positive, setting bullish sentiments. The ongoing demand in the spot market is likely to help the move gain traction and break the $1.2 resistance zone.
