Movement [MOVE] crypto rallied 13% on Wednesday, the 24th of December. CoinMarketCap data showed a daily trading volume increase of close to 400% in the past 24 hours.
The volume data on Binance for the MOVE/USDT pair showed a 6-fold increase in Wednesday’s Spot trading volume compared to the 20-day moving average.
The Daily Active Addresses did not see an extreme spike on the day, nor did the Weighted Sentiment rise in recent days. The Dormant Circulation saw a surge on the 23rd of December, but the Mean Coin Age continued to climb slowly.
Overall, it seemed holders were not rapidly taking profits from the bounce yet. Does that mean MOVE could rally higher?
Assessing the long-term MOVE trend
The downtrend for Movement crypto has been ongoing since January 2025.
The altcoin was not affected by the Bitcoin [BTC] bullishness in June or in late September. The market-wide sell-offs since the 10/10 crash gave MOVE holders more incentive to sell.
This could be because of the token’s unlock schedule and lack of bullish catalysts. Only 28% of the total supply is in circulation right now.
A $5.89 monthly unlock has been difficult for the buyers to absorb.
The case for a bullish breakout
This is a weak argument to make. Yes, daily trading volume was up massively, and Open Interest has surged as well.
It is a signal of short-term bullishness, but there are other warnings of a trap.
Traders’ call to action- Go short
The CMF was deeply negative, but this by itself does not justify going short. The price action revealed a bearish pattern- successive bearish market structure breaks, and occasional days with high trading volume that fail to flip the structure bullishly.
For example, consider the 22nd of November and the 14th of December.
From the day’s low to high, they measured 55.9% and 54% gains, respectively. Both short-term rallies had convincing volume, but were retraced within a few days, and the downtrend continued.
Final Thoughts
- The MOVE rally measured 13% from the Wednesday session’s open to close, but it was not the beginning of a trend reversal.
- Onchain metrics didn’t warn of heavy distribution yet, but traders can remain bearishly biased.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
