The price of the high performing Altcoin MOVE Token will increase by 25%
MOVE, the native token of Movement Network, a modular blockchain project, has become today's top-performing altcoin. The MOVE cryptocurrency price has reached an all-time high after increasing by 25% in the last 24 hours.
Why is this altcoin leading the top 100 today? This analysis of the chain provides key details and hints at what could happen next for the price.
The amount of activity and network activity increases
On December 24, the MOVE token price was $0.84. It broke the $1 mark as of press time. This price increase is related to the significant increase in the amount of cryptocurrency. At one point yesterday, MOVE's value was around $830 billion.
Today, trading volume has risen to $1.69 billion, reflecting the high demand for the altcoin, surpassing many other cryptocurrencies. From a price point of view, the increase in volume along with the increase in price shows a strong improvement.
On the contrary, the decline in volume will reduce demand, which can weaken the upward momentum. Given the current situation, the top-performing altcoin MOVE appears poised to continue climbing in the short term.
The movement's increase in volume and price may be linked to the integration of Bitcoin (WBTC) on the network on December 19. With this development, the movement may attract more liquidity to the decentralized finance (DeFi) protocol.
As a result, active addresses on the network have increased. Active addresses are an important indicator of user engagement and overall market activity. At the time of rise, it reflects the top market participants who are connected to the token.
On the contrary, the decline indicates a decrease in transaction activity on the blockchain. According to Santiment, MOVE's 24-hour active addresses are up. If this trend continues, the altcoin price may continue to rise.
Moving Price Forecast: $2 likely down the road.
From a technical point of view, the altcoin rally was formed from the breakout of the descending triangle. A descending triangle is a bearish chart pattern defined by a descending upper trend line and a flat horizontal trend set below the initial one.
However, MOVE price did not break below the horizontal support line but moved higher to $1.06. With the crash, the token could rise to $1.45. In a very aggressive scenario, the price of MOVE could jump to $2.
On the other hand, this may not be the case if altcoin holders or those still in the air decide to sell. Instead, the token may drop to $0.53.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
