MOVE, the native token of the Movement Network, a modular blockchain project, has become the best-performing Altcoin today. MOVE reached this milestone after the value of this cryptocurrency increased by 25% in the past 24 hours.
Why is this Altcoin leading the Top 100 today? On-chain analysis reveals important details and suggests what might happen next with its price.
Trading volume and network activity increase
On December 24, 2024, the price of the MOVE token was $0.84. At the time of writing, it has surpassed the $1 mark. This price increase is related to a significant increase in the trading volume of the cryptocurrency. At one point yesterday, the volume of MOVE was around $830 billion.
Today, the trading volume has skyrocketed to $1.69 billion, reflecting increased interest in this Altcoin, surpassing many other cryptocurrencies. From a price perspective, the increase in volume along with the price increase indicates a strong uptrend. Conversely, a decrease in volume would indicate decreased interest, potentially weakening the uptrend. Given the current conditions, the best-performing Altcoin MOVE seems poised to continue its upward momentum in the short term.
Movement volume. Source: SantimentThe increase in volume and price of Movement may also be related to the integration of Wrapped Bitcoin (WBTC) on the network on December 19, 2024. With this development, Movement may be able to attract more liquidity into its decentralized finance (DeFi) protocol.
As a result, the number of active addresses on the network has increased. Active addresses are an important indicator of user participation and overall market activity. When they increase, it reflects a higher number of market participants interacting with a token. Conversely, a decline indicates decreased transaction activity on the blockchain. According to Santiment, the 24-hour active addresses of MOVE have increased. If this trend continues, the price of the altcoin may continue to rise.
Movement active addresses. Source: SantimentMOVE Price Prediction: $2 may be approaching
From a technical perspective, the altcoin's price surge is the result of a breakout from a descending triangle pattern. A descending triangle is a bearish chart pattern defined by a downward-sloping upper trendline and a more horizontal, flatter lower trendline.
However, the price of MOVE did not drop below the horizontal support line but instead rose to $1.06. With this breakout, the token has the potential to reach $1.45. In a very optimistic scenario, the value of MOVE could jump to $2.
4-hour Movement analysis. Source: TradingViewOn the other hand, if retail investors or those still holding airdrop decide to sell, this may not happen. Instead, the token could drop to $0.53.
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