MOVE, the native token of the Movement Network, a modular blockchain project, has become the top-performing altcoin today. MOVE hit the milestone after the cryptocurrency’s value increased by 25% in the last 24 hours.
Why is this altcoin leading the top 100 today? This on-chain analysis uncovers the key details and hints at what could be next for its price.
Movement Volume and Network Activity Rises
On December 24, the MOVE token’s price was $0.84. As of this writing, it has broken the $1 mark. This price increase is connected to the significant rise in the cryptocurrency’s volume. At one point yesterday, the MOVE’s volume was about $830 billion.
Today, trading volume has surged to $1.69 billion, reflecting heightened interest in the altcoin, surpassing several other cryptocurrencies. From a price perspective, rising volume paired with increasing price signals a strong uptrend.
Conversely, declining volume suggests waning interest, which could weaken the upward momentum. Given the current conditions, the top-performing altcoin MOVE appears ready to continue its ascent in the short term.
Movement Volume. Source: Santiment Movement’s rise in volume and price could also be linked to the integration of Wrapped Bitcoin (WBTC) on the network on December 19. With this development, Movement can attract more liquidity into its decentralized finance (DeFi) protocol.
As a result, active addresses on the network have increased. Active addresses are a vital indicator of user engagement and overall market activity. When they rise, it reflects a higher number of market participants interacting with a token.
Conversely, a decline signifies reduced transaction activity on the blockchain. According to Santiment, MOVE’s 24-hour active addresses have risen. If this trend persists, the altcoin’s price may continue to climb.
Movement Active Addresses. Source: SantimentMOVE Price Prediction: $2 Could Be On the Way
From a technical perspective, the altcoin rally resulted from the breakout from the descending triangle. A descending triangle is a bearish chart pattern defined by a descending upper trendline and a flatter horizontal trendline positioned below the first.
However, MOVE’s price did not drop below the horizontal support line but moved higher to $1.06. With the breakout, the token is likely to rise toward $1.45. In a highly bullish scenario, MOVE’s value might jump toward $2.
Movement 4-Hour Analysis. Source: TradingViewOn the other hand, if the altcoin holders or those who have still held to their airdrop decided to sell, this might not happen. Instead, the token could decline to $0.53.
