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MOVE Price Prediction – Buyers, Sellers Battle for Control and the Winner Is…
The cryptocurrency market has been witnessing some extraordinary moves lately, with many altcoins experiencing massive gains or losses. One of these coins that has caught my attention is MOVE, which has been making headlines recently due to its impressive 7% rally over the last 24 hours.
At the time of writing, MOVE’s weekly gains have climbed to an astonishing 17.9%. This surge in value has been largely driven by buying activity in the derivatives market, as Open Interest and buying volume increased. More contracts were opened, with a total of $95.36 million, signaling more participation in the market.
Furthermore, AMBCrypto’s analysis revealed that buy orders dominated the Futures market, as indicated by a Taker Buy-Sell Ratio of 1.027. A reading above 1 indicates that there are more buyers than sellers in the derivatives market. This information is crucial to predict MOVE’s future price movements.
MOVE’s trading volume has also experienced an unprecedented surge, surpassing $700 million over the past 24 hours. Historically, such a significant increase in volume accompanies a price hike when buyers outnumber sellers.
Although this bullish momentum may be encouraging for investors, it’s essential to keep in mind that there are still signs of bearish sentiment present in the market. MOVE’s Open Interest Weighted Funding Rate has turned negative, indicating the presence of strong bearish sentiment across various markets. This is reflected by a value of -0.0741.
Additionally, a substantial amount of MOVE ($1.24 million worth) was sold off on exchanges, which could be attributed to either profit-taking or an early indication of a more considerable downturn.
MOVE currently sits at a critical crossroads, and its next movement will largely depend on the outcome of this battle between buyers and sellers. If bears gain control, we can expect the price to drop below $0.4859, potentially targeting $0.4639 as the next stop.
On the other hand, if the current support level holds, it is possible for MOVE’s price to bounce higher and reach the vicinity of $0.5573 or even climb further if bullish momentum continues.
Based on these observations and market analysis, my prediction is that…
Source: https://ambcrypto.com/move-price-prediction-buyers-sellers-battle-for-control-and-the-winner-is
