news 
Movement Price Prediction – Will This Help MOVE Break the $1.2 Resistance Zone?
Since December 23rd, the Open Interest has nearly doubled, rising from $71.8 million to $135.68 million at the time of writing. This surge in bullish speculative activity is a clear indication that the market sentiment has shifted in favor of the Movement token.
The recent price action of MOVE has been strongly bullish, with the token gaining 12.09% over the past 24 hours while the altcoin market suffered a decline of 1.7%. The retest of the 78.6% level and its defense have highlighted the conviction of bulls.
The chart shows that after the rally from $0.59 to $1.13, MOVE saw a retracement to $0.7, the 78.6% Fibonacci level. Following this, the token has rebounded strongly, aided by Bitcoin’s [BTC] short-term bullishness over the past few days.
As we analyze the trading volume, while it had climbed higher during MOVE’s recovery, the OBV (On Balance Volume) had not yet broken a local high. This suggests that buying pressure has been increasing, but is not yet sufficient to overcome the selling seen from December 20th.
The RSI (Relative Strength Index), on the other hand, indicates that momentum remains firmly pointed higher. Potential targets for MOVE would be $1.26, $1.47, and $1.68 in the short term.
In terms of support levels, it is crucial to note that there are two major zones which will influence the outcome: the $1.2 resistance zone and the demand zone ranging from $1.03-$1.05. If MOVE breaks above $1.2, the likelihood of a new surge increases significantly.
However, if we were to see a drop below $0.997, it could be an early sign that the token might be heading towards another retracement.
In conclusion, as MOVE continues to attract more open interest and funding rate positive sentiment, sustained demand in the spot market would likely assist in surpassing the $1.2 resistance zone.
Source: ambcrypto.com
