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Home»Altcoins»MOVE crypto rises 60% after airdrop: next target is $1.74!
Altcoins

MOVE crypto rises 60% after airdrop: next target is $1.74!

2024-12-10No Comments2 Mins Read
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  • The Movement’s airdrop distributed 1 billion tokens to early participants.
  • Due to rising trading volume and high demand, MOVE is poised for further gains.

Movement [MOVE] saw a rapid price spike in recent hours, rising by almost 60% within a day of going live. The MOVE crypto is an Ethereum [ETH] Layer 2 scaling solution using the Move Virtual Machine.

MoveVM allows transactions on Ethereum to be settled with one-second finality. In an interview, Rushi Mande, co-founder of the Move Network Foundation, said: “Move is a phenomenal language, very secure, high throughput.”

He added that two key requirements for its success are a vibrant ecosystem and a community loyal to the chain.

Airdrop spiked in movement interest and prices

The Movement Network Foundation launched MOVE on Monday, December 9, offering 10% of the total supply of initial claims. These claimants were eligible communities and participants who completed transactions and quests on the Movement testnet.

This meant that $830 million was up for grabs, a value now closer to $1 billion.

MOVE crypto also went live on December 9 on one of the most popular crypto exchanges, Binance. When trading began, it had a market capitalization of $1.6 billion.

Users who subscribed their BNB to the exchange’s products from December 2 to 5 were eligible for the airdrop going to their spot wallets.

MOVE crypto ready for more profits

MOVE 1-day chartMOVE 1-day chart

Source: MOVE/USDT on TradingView

The 30-minute time frame showed that the $0.89 level was a strong support level. The momentum on the RSI was mainly bullish. The rising OBV also highlighted the high demand in recent hours.

See also  Analyst Predicts 23% Upside Potential

Is your portfolio green? Check out the Exercise Gain Calculator


While price action data is limited, the available evidence showed that MOVE crypto is solidly bullish in the short term. It could see a retest and consolidation at the $0.9 level before rising further in the coming days.

Besides the local high at $1.31, the bulls’ next targets were at $1.47 and $1.74.

Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer

Next: Avalanche [AVAX] falls by 23% and finds support at $40: what now?

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