In the past 24 hours, Movement [MOVE] was up 0.68%, but its Open Interest has increased by close to 12%. Coinalyze data revealed that the Funding Rates have remained stubbornly negative over the past week.
The altcoin rallied 22.45% in an hour on Sunday, the 15th of February, but has almost entirely retraced this bounce since then.
This uptick in price led to the increased OI, but the negative funding rates implied a short-heavy market.
The long-term price trends of Movement have also been bearish. This downward-only trajectory has been in play since January 2025.
In 2025, while Bitcoin [BTC] made new all-time highs and receded by 50% four months after that, MOVE maintained its bearish trend.
AMBCrypto found that the on-chain metrics could be warning of another wave of selling pressure.
Gauging the MOVE holder behavior
If a token is down 98.25% from its all-time high and only 1.127% of the addresses are in profit, then every price bounce is a selling opportunity to exit at a smaller loss.
The spot taker CVD showed that sellers were indeed dominant over the past three months.
The Coin Days Destroyed metric saw the beginning of an uptick during the price uptick of the past few days.
Traders can keep a close eye on this metric for a sharp spike, like the one on the 3rd of February or the 15th of December.
Since CDD measures the volume and dormant age of the coins being transacted, a larger spike implies greater seller conviction.
The exchange net position change turned positive after nearly two weeks. This indicated increased MOVE flows into exchanges, another indicator of impending selling pressure.
Together, the CDD and net position change warned that the price bounce was likely to be sold off.
The 1-day price chart illustrated the strength of the downtrend. The swift price rallies higher and the subsequent intraday pullback are represented as upside wicks on the daily candles.
Combining the metrics and the long-term price trend, it appeared likely that traders could use another MOVE bounce beyond $0.032 to sell the altcoin short.
Final Summary
- The increased Open Interest in the past 24 hours showcased speculative hope of catching the quick move and making profits.
- The CDD and exchange net position change metrics signaled why selling the bounce could be a better idea than trying to catch a rally.
