Movement (MOVE) price showed bullish strength over the past 24 hours, gaining 12.09% while the altcoin market shed 1.7%. This strong relative performance bodes well for the bulls.
Bullish structure for MOVE – but also some volume concerns
The price action of Movement crypto showed a bullish structure. After the rally from $0.59 to $1.13 saw a retracement to $0.7, which was the 78.6% Fibonacci level, the token saw a strong rebound, helped in part by Bitcoin’s [BTC] short-term bullishness over the past few days.
As MOVE recovered, the trading volume climbed higher. While this was encouraging, the OBV was yet to break a local high. This showed that buying pressure has been on the rise, but was not yet large enough to overshadow the selling pressure seen from the 20th of December.
Hence, despite MOVE making a new higher high, it might struggle to push higher due to insufficient volume本線コピー. Meanwhile, the RSI showed momentum was strongly bullish.
The next targets are $1.26, $1.47, and $1.68. In the short term, the $1.2 zone is a resistance, while the $1.03-$1.05 region is a demand zone. A drop below $0.997 would flip the structure bearishly and could be an early warning of another retracement.
Open Interest nearly doubles in three days
Since the 23rd of December, the Open Interest has nearly doubled, rising from $71.8 million to $135.68 million at press time. This showed heavy bullish speculative activity as MOVE saw gains in the past three days.
The Funding Rate was also positive, outlining bullish sentiment. Sustained demand in the spot market would likely help the Movement token gain traction and surpass the $1.2 resistance zone.
