MOVE has been on fire lately, climbing more than 16% in 24 hours while most other cryptocurrencies are down. Looking at the charts and market data, MOVE seems to be in a strong upward trend. Prominent analysts Globe Of Crypto and Altcoin Sherpa have shed some light on X (formerly Twitter) on the potential for further price movement.
Globe Of Crypto noted that MOVE’s price recently broke out of a bullish pennant pattern on the 4-hour timeframe, a continuation pattern that often signals further upward momentum.
He thinks we could see MOVE jump another 40-50% in the next week or so, pointing to how strong this upward movement looks. Altcoin Sherpa noticed something interesting too – while the market’s been shaky, MOVE has held up really well, which could mean more gains coming soon.
Read Also: Why Is the Crypto Market Down Today?
Movement Chart Analysis
Looking at MOVE’s price chart, we can see what traders call a bullish pennant – basically, the price shot up, then moved sideways for a bit in a triangle pattern. Now that the price has broken above that triangle, it looks like the upward movement might continue.
Analysts estimate a potential price increase equivalent to the height of the pennant’s flagpole. This measurement aligns with Globe Of Crypto’s projection of a 40-50% rise, targeting levels above $1.00. Key support zones include $0.68 and $0.50, while resistance at $0.78 remains pivotal for confirming further upside.
Image Source: X/GlobeOfCrytpo Fibonacci Levels and Volume Indicate Strength
If we look at the Fibonacci levels, MOVE’s price is trying to push past $0.78. Getting above this level could open the door for more gains. A successful breach could propel the price toward $1.00 and beyond, with $1.20-$1.40 as potential targets.
The trading volume backs up this positive outlook – more people are buying as the price moves higher. The moving averages are also pointing up, which is another good sign for MOVE.
$MOVE this one didnt budge amidst all the market volatility yesterday. Probably a good sign for a short term move up (already doing so). Not sure after that but let's see. pic.twitter.com/XXbt2KcNkN
— Altcoin Sherpa (@AltcoinSherpa) December 19, 2024
Analysts Highlight Short-Term Prospects
Globe Of Crypto and Altcoin Sherpa think MOVE looks good for the short term. Altcoin Sherpa especially likes how steady it’s been while other cryptocurrencies have been bouncing all over the place. While no one knows what’ll happen months from now, things are looking pretty good for MOVE right now.
As the biggest gainer in crypto today, Movement is getting a lot of attention. The fact that it’s going up while the rest of the market is struggling means we’ll probably keep hearing more about it in the coming days.
Read Also: Which Is Better: Ripple (XRP) or Bitcoin? Top Analyst Identifies the ‘Digital Prison’ Token
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The post Here’s Why Movement (MOVE) Price Could See a 50% Jump Soon—Analysts appeared first on CaptainAltcoin.
