700% Volume Spike Sends MOVE Price Soaring Post-Buyback: April Outlook

• Movement (MOVE) surges with a 700% spike in trading volume over the last 24 hours, reaching a price of $0.5452.
• This follows a substantial 28% increase in price, reaching $0.5512 earlier in the day.
• The rally follows Movement Labs’ announcement of a $38 million buyback plan after recovering funds from a troubled market maker.

The Movement (MOVE) cryptocurrency has seen an extraordinary surge, leading the 24-hour gains with a massive 700% spike in trading volume. 

This intense market activity also took the price to $0.5452, following an earlier 28% jump that took it to $0.5512, with a daily high of $0.5986, according to data from CoinMarketCap.

Investors are now keenly observing whether this altcoin, with a market capitalization of $1.33 billion, can sustain this explosive momentum. Please also note that the MOVE token has successfully moved back above its 20-day EMA (Exponential Moving Average) at $0.4712, although it still trades at a notable 61.83% discount compared to its all-time high of $1.45.

This sharp upward price movement comes on the heels of an announcement from Movement Labs detailing their $38 million buyback plan. This plan is being implemented following the recovery of funds from their market maker, with assistance from Binance exchange.

Technical Signals Point to Further Gains for MOVE

Crypto analyst “Captain Faibik” drew attention to MOVE’s technical breakout from a descending channel pattern on the daily price chart. 

Based on the chart shared by the analyst, the breakout appears to be confirmed, with MOVE decisively breaking above the upper boundary of the channel. This move was accompanied by the now evident significant increase in trading volume. 

This technical action often is noticed when there is strong buying interest alongside a positive market shift towards the asset. 

Although this breakout aligns with the analyst’s prediction of a potential 80% price surge, key resistance levels still need to be overcome before a sustained upward trend can be confidently declared.

Latest Price Analysis for MOVE

According to the provided chart analysis, MOVE’s price action has not only pushed past the 20-day Simple Moving Average (SMA) but has also touched the upper Bollinger Band, which sits around $0.5367. 

The widening of the Bollinger Bands typically indicates increased price volatility, suggesting the possibility of a continued bullish push. 

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If the price manages to consolidate above the $0.53 level, MOVE could then aim to test the next resistance level around $0.60 and move higher.

The Relative Strength Index (RSI) for MOVE has also seen a significant increase, reaching 60.10. This reading also denotes growing bullish momentum. 

However, the angle of the RSI line suggests that this bullish pressure might be starting to slightly decline.

What Was the Controversy with the Market Maker and How Did Binance Help?

MOVE’s recent price rally is closely linked to Movement Labs successfully recovering $38 million in funds from its market maker. Binance disclosed that this market maker had engaged in unethical one-sided trading practices. 

Instead of fulfilling their obligations to provide liquidity for the MOVE token, they reportedly dumped 66 million MOVE tokens shortly after the token got listed.

Following intervention by Binance, the problematic market maker was offboarded from the platform on March 18th. The recovered funds will now be used by Movement Labs to purchase MOVE tokens on Binance over the next three months as part of their buyback program.

Related: Movement (MOVE) Price Prediction 2025-2030: Will MOVE Price Hit $5 Soon?

Binance has reaffirmed its commitment to strict compliance measures, stating that any market makers authorized by projects who are found to be engaging in misconduct will face severe consequences on the platform.