MOVE Token Rebounds After Cutting Ties with Rogue Market Maker
MOVE token experienced a important surge, hitting a two-month high.The price jumped 32% to $0.594 on March 26, during Asian trading hours. This rally was fueled by the Movement Network Foundation’s decision to sever ties with a malicious market maker.
The market maker, initially brought in to stabilize MOVE’s price on Binance, dumped 66 million tokens shortly after listing. Binance flagged this as “market irregularities,” froze the profits, and banned the entity. The Movement Foundation recovered $38 million in USDT and committed it to a three-month buyback program.
this buyback initiative sparked interest among large investors, or whales. In just 48 hours, they accumulated around 400 million MOVE tokens, worth over $185 million. On-chain metrics also improved,with daily active addresses rising by 265%.
Technical analysis shows a bullish outlook. The token broke out of a falling wedge pattern, with MACD and Super Oscillator lines pointing upwards. The Money Flow Index at 65 indicates strong buying pressure. If this trend continues, MOVE could reach $0.90, and potentially its yearly high of $1.12.
However, if the price falls below the wedge’s lower trendline, the bullish setup may be invalidated, pushing the price down to $0.37.
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