Date: Wed, Dec 25, 2024, 03:55 PM GMT
Over the past 48 hours, the cryptocurrency market has shown encouraging signs of recovery following recent corrections. Bitcoin (BTC), which briefly fell to $92,000 last week, has regained strength and is now trading above $98,000.
Along with this, the Movement Network's native token, $MOVE , has captured significant attention with its impressive rally. Since its listing on December 9, MOVE has been on a bullish trajectory. Today, it stands out with a remarkable 33% gain in the last 24 hours, placing it at the top of the highest gainers list.
Source: Coinmarketcap
Cup-and-Handle Pattern:
Today’s rally has brought MOVE to its current price of $1.12, placing it on the verge of a critical breakout from its cup-and-handle pattern. The cup-and-handle is a well-known bullish continuation pattern that often signals the potential for significant upward price movement.
Movement (MOVE) 4H Chart / Coinsprobe
In the chart above, the handle portion of the pattern is nearly complete, with MOVE testing the resistance zone around $1.13–$1.16. A successful breakout above this level could pave the way for a potential 30% rally, targeting the $1.50 range.
Supporting this bullish setup, the Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart shows a strong upward momentum. The MACD line has crossed above the signal line, and the histogram is printing increasing green bars, indicating growing buying pressure.
Additionally, trading volumes have surged, further validating the bullish sentiment. If this momentum sustains, MOVE could see a swift move toward its breakout target.
What’s Next for MOVE?
While the setup looks promising, traders should remain cautious. A failed breakout or rejection at the current resistance could lead to a short-term pullback, with potential support at $0.83. However, if the breakout materializes, MOVE could continue its upward trajectory and solidify its position as a top-performing asset in the crypto market.
Final Thoughts
The Movement Network’s $MOVE token has shown incredible resilience and growth in recent weeks. With a bullish cup-and-handle pattern nearing completion and strong technical indicators, the potential for further upside looks promising. As always, traders and investors should monitor key levels closely and exercise proper risk management.
Get more updates on: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
