banner

Trump-Linked Buy Sends MOVE Token Up 12%—Will It Last?

The MOVE token surged 12% in the last 24 hours, making it the top gainer in the crypto market. This rally follows a $2 million purchase by the Trump-backed DeFi platform, World Liberty Financial. However, on-chain data suggests the gains might not last.

MOVE Token Spikes After Major Buy-In

On Tuesday, World Liberty Financial acquired $2 million worth of MOVE tokens, according to Arkham Intelligence. The purchase happened in multiple batches during the U.S. morning hours, with the first transaction settling at 14:22 UTC.

https://twitter.com/tier10k/status/1884252132540571895

Shortly after, at 14:48 UTC, a well-known crypto account, DB, revealed that Movement, the blockchain behind MOVE, was in talks with Elon Musk’s Department of Government Efficiency (D.O.G.E). However, Movement’s co-founder, Rushi Manche, denied any official discussions with D.O.G.E.

Is MOVE’s Rally Sustainable?

Despite the price surge, data suggests MOVE’s rally may not last. The token’s funding rate has dropped to -0.084%, the lowest since January 7, indicating a rise in short positions.

MOVE Funding Rate. Source: Coinglass

In futures trading, a negative funding rate means short traders are paying long traders, signaling bearish market sentiment. This suggests that MOVE’s rally is fueled by short squeezes rather than organic demand.

MOVE Spot Inflow/Outflow: Source: Coinglass

Additionally, MOVE has seen continuous outflows despite its rising price. Coinglass data shows that the altcoin has recorded four straight days of outflows, totaling $19 million. On Wednesday alone, $440,470 left the MOVE spot markets, indicating that traders are taking profits.

MOVE Price Prediction: Will Profit-Taking Drag It Down?

If profit-taking continues, MOVE could drop to $0.71. If that support fails, it might fall further to $0.55.

On the other hand, if demand increases, MOVE could break past $0.87 and aim for $1.08.

For now, traders should watch out for volatility as the market decides MOVE’s next direction.

banner

Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

banner

Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Social Media Auto Publish Powered By : XYZScripts.com
Skip to content