Movement's Native Token MOVE Surges by 18% After Network Announces $38M Buyback Program

Movement's native token MOVE surged by 18% on March 26, following the network's announcement of a $38 million buyback program.

Key Notes

Movement’s native token MOVE surged by 18% on March 26, following the network’s announcement of a $38 million buyback program.

The project is planning to establish a Strategic Reserve after recovering funds from a market maker accused of violating contractual obligations.

Binance had previously banned the market maker due to its rule-breaking practices.

Movement, the blockchain project behind the MOVE token, is buying back its token after a market maker, who was later banned by Binance, engaged in one-sided trading practices. As the project announced on March 26, the purchases will be made on Binance over the next three months and will be used to "permanently store" the token.

"The funds will be used to purchase MOVE for long-term use and return the USDT liquidity to the Movement ecosystem," the project added.

The crypto project is planning to establish a Strategic Reserve after recovering funds from the market maker, who was accused of violating contractual obligations. Binance had previously banned the market maker due to its rule-breaking practices.

According to Movement, the market maker engaged in one-sided trading practices, placing large sell orders for MOVE with no corresponding buy orders. This disrupted the token’s liquidity and allowed the market maker to profit by $38 million. After taking legal action, Movement managed to recover the funds.

Notably, the MOVE purchases will be made using $38 million in recovered USDT.

"This action is in the best interest of the Movement ecosystem and will ultimately contribute to the long-term stability and success of the token," Movement said in a statement.

This move has sparked bullish sentiment among investors, driving the token’s value upward.

MOVE Price Outlook

MOVE is currently trading at $0.5532, marking an 18% gain over the past day. The rally also increased its market capitalization by 18%, bringing it to $1.33 billion.

MOVE had been trading within a parallel channel between $0.37 and $0.54 for the past month. The token recently broke through the $0.54 resistance and reached an intraday high of $0.58. That’s its highest level in over a month.

However, despite the recent surge, MOVE remains 62% below its all-time high of $1.45, achieved in December 2024.

On the daily price chart, the Relative Strength Index (RSI) stands at 61, indicating increased buying pressure but still below overbought territory. This suggests more room for upward movement.

Moreover, MOVE price has broken through the upper Bollinger Band, signaling heightened volatility. If the token holds above the middle band (around $0.47), it could sustain the uptrend. However, a re-test of this level is possible if profit-taking occurs.

The MACD line has crossed above the signal line, signaling positive momentum. Additionally, the expanding histogram suggests increasing bullish strength.

If bulls maintain control, MOVE could target the $0.60–$0.63 range in the short term. However, any close below $0.4550 could lead to a reversal toward $0.37 support.