Move Technical Analysis
$8 million MOVE has been unlocked today, which raises concerns as to whether it will have an effect on the price. This unlock was realized when the price was trading at a key support area. As a result, it is important to read the analysis below.
MOVE signaled a strong price recovery to the level of $0.20 recently, yet this momentum could not carry on and the price was rejected from the resistance zone which intersected the downtrend. The price is again at the $0.1453 support and trying to hold at the lower boundary of the trend, and this zone previously worked as a strong support. However, the current price poses a risk of sell pressure as it is below MA50 and MA200 along with a death cross.
The price may pull back to the support $0.1346 if this sell pressure goes on. This level is of great importance for the price. If broken downwards, the sell pressure is likely to increase, and then the price may go down to the levels $0.1200 and $0.1050 respectively. In terms of upward movements, $0.1560 would be the first resistance level the price will face. If broken upwards, the price may go up and test $0.1666 again. However, the price must close above $0.18 if the trend should change permanently.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
