Movement token (MOVE) is under heavy selling pressure, currently trading at $0.1940, a 2.93% drop for the day. Over the past week, MOVE has lost 18.27% of its value, signaling a steep decline in investor confidence. The 24-hour trading volume surged 18.38% to $388.21 million, but the rise in volume reflects panic selling rather than buyer enthusiasm.
Technical experts highlight several red flags. Price is below critical EMAs with losing momentum rapidly. The RSI is also down to 34.22, near the oversold region. A bearish grip is confirmed by a negative MACD crossover. The present position of MOVE at $0.1928 is a fall of 3.50% today and indicates weakness to come.
Price moves near key support at $0.1669
The S1 support at $0.1669 is also in focus. If it is taken out, a fall to S2 at $0.1411 is very much a possibility. The ADX figure of 76.1 shows a strong trending environment, and the Bollinger Band width of 37.73% signifies an elevated volatility. With a mere 40.68% liquidity, severe fluctuations in prices are a key threat.
Resistance levels at $0.2364 (R1) and $0.2801 (R2) are unlikely to be tested without a firm recovery. DMI values of 6.5/48.0 confirm firm bearish control. Additionally, tight stops and minimal position sizing are recommended for short-term traders. The long position must wait for a pivot break and retest at $0.2106.
Movement labs suspends Co-Founder amid investigation
Furthermore, the fall in price comes against a background of detrimental news: Movement Labs suspended its co-founder, Rushi Manche, in a market manipulation investigation. The investigation is conducted by Groom Lake and involves a dump of 66 million MOVE tokens in December. The purported gains were worth 38 million USDT.
Moreover, Rentech, a mysterious entity responsible for the dump, purported to have ties to Web3Port but was later found to be an independent shell company. The response by Coinbase was quick: MOVE to be delisted by May 15 due to a listing guidelines breach. The backlash is dire. MOVE declined more than 20% in a mere 24 hours of announcement time, shattering market confidence.
