MOVE Token Rebounds After Cutting Ties wiht Rogue Market Maker
MOVE token experienced a meaningful surge,hitting a two-month high. This rally was sparked by the Movement Network Foundationās decision to sever ties with a malicious market maker. The token climbed 32%, reaching $0.594 on March 26, with its market cap at $1.36 billion.
The Movement Network Foundation recovered approximately $38 million in USDT from the banned market maker. This entity was initially hired to provide liquidity on Binance but instead dumped 66 million MOVE tokens, causing market irregularities. Binance froze the market makerās profits and removed them from the platform.
The Foundation has committed the recovered funds to a three-month buyback program. This initiative aims to ease selling pressure and boost liquidity. The buyback news attracted significant interest from whales, who accumulated around 400 million MOVE tokens in just 48 hours.
On-chain metrics are also positive. Daily active addresses increased by 265%, and social sentiment turned bullish. The price chart shows a bullish reversal signal, with the MACD and super Oscillator lines pointing upwards. The Money Flow Index stands at 65, indicating strong buying pressure.
Given these factors, MOVE could rally to $0.90, a 65% increase from current levels.A break above this mark could push it to its yearly high of $1.12.However, if it falls below the lower trendline, the price might drop to $0.37.
Source: crypto.news
