- MOVE Token breaks out of a descending channel, signaling bullish momentum with a potential 80% rally toward $0.80.
- Strong market participation and volume surge confirm a trend reversal, with key resistance levels at $0.5538 and $0.5923.
- A $38M buyback over three months may fuel further gains, with an inverse head and shoulders pattern supporting bullish momentum.
MOVE/USDT has officially broken out of its descending channel, signaling a bullish shift. Captain Faibik, a popular crypto analyst, highlighted this breakout on the daily timeframe. The price has surged 6.58%, currently trading around $0.457.
A strong bullish pattern is emerging as buying pressure increases near the breakout point. MOVE previously traded within a downward structure, forming lower highs and lower lows. The recent breakout above the upper trendline suggests a potential 80% rally, with an expected target of $0.80.
Strong Bullish Momentum and Market Sentiment
There is an obvious reversal in the market action from a protracted downward trend to a possible upward trend. A rise in volume indicates robust market involvement. The lower boundary of the descending channel acted as support, preventing further declines.
Moreover, consecutive green candles near the breakout level indicate a shift in sentiment. Furthermore, MOVE has seen a strong move from $0.25 to its breakout zone. If the price sustains above this key level, an extended upside move toward the marked target zone is highly probable.
Daan Crypto Trades Highlights Key Resistance Levels
Another crypto analyst, Daan Crypto Trades, pointed out a $38 million buyback scheduled over the next three months. This initiative follows market maker irregularities and could fuel further bullish momentum.
MOVE recently surged above a descending trendline on the 4-hour chart. The breakout confirms a momentum shift, with an inverse head and shoulders pattern forming. This pattern typically precedes significant upward movement.
The price has increased by 5.93% to $0.4522 as of right now. $0.5538 is the closest resistance level. Above this, another resistance zone appears near $0.5923. Sustaining above these levels could drive further gains.
Additionally, lower wicks in previous lows indicate strong buying pressure. A notable volume increase further validates the breakout. If the price retraces, the broken trendline may serve as new support. However, sustained volume and higher closes remain necessary for further bullish confirmation.
