- The token of the Movement Labs has confronted with uncertainty and fear in the market after the Trading Schandae of prior knowledge.
- The persistent question to stimulate an outbreak beyond $ 0.23- $ 0.26 was not yet obvious.
Movement [MOVE] I saw a scandal burst almost ten days ago. Movement laboratories have suspended his co-founder, Rushi Manche, for alleged links to the Move Token Dump.
After this development, Coinbase announced that it would suspend the trade of token on 15 May.
This saw a price correction of 27% and the price reached $ 0.15, on 7 May. Surprisingly, even during the free fall on the price chart, buyers took long positions, convinced that it was active undervalued.
Their faith can be rewarded- a good part of the losses in the beginning of May after the trade scandal of prior knowledge has been withdrawn. Bullish traders must, however, remain careful.
The market structure was still bearish, and a movement above $ 0.252 would be needed to turn these pessimistic prospects.
Moving Bulls rejected at important Fibonacci Retracement levels
Source: Move/USDT on TradingView
The recent lower high movement registered on the 1-day graph was at $ 0.258. The former level of support at $ 0.2175 was under force of the buyers, but the price failed to break out at the time of the press.
Even if this level of resistance was surpassed, buyers should not be bullish immediately. The OBV was in a downward trend, such as the price, and was a new low point on 7 May.
Likewise, the great Oscillator sketched that Bearish Momentum prevails.
Source: Move/USDT on TradingView
The 4 -hour graph emphasized the overhead resistance zones more clearly. The 78.6% Fibonacci racement level was at $ 0.23, and it had rejected movement bulls at the time of writing.
The OBV has been revived since May 7 and was about to form a new high. The great oscillator was above the zero line and signaled Bullish Momentum.
Nevertheless, the higher period of time here has priority and swing traders must remain on their care for a bearish reversal.
The 2-week liquidation heat emphasized the area of $ 0.255- $ 0.265 as an attractive magnetic zone. Ambcrypto analyzed other lookback periods, such as 1 months and 3 months, and discovered that the $ 0.21 area had also been a significant liquidity cluster.
The liquidation levels in the south were scarce. From a liquidity point, a movement to the south therefore seemed unlikely. However, as the OBV has shown, there was not enough requirement to justify the expectation of a rally to $ 0.26.
In conclusion, traders and investors must expect that the downtrend of the move would continue. The rest of the market was Bullish and Altcoins performed extremely well.
This could encourage that the local resistance of $ 0.252, but the evidence that is in control does not yet point to an explosive upward movement.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer