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MOVE surged nearly 10% after the Movement Network Foundation launched its Public Mainnet Beta.
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The new mainnet supports smart contract deployment and is Ethereum-settled, boosting investor confidence.
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MOVE is testing a key resistance at $0.49 and a rally to $0.61 could follow if it holds.
MOVE saw a nearly 10% uptick as the Movement Network Foundation launched its Mainnet Beta, igniting investor interest and raising price targets.
MOVE Rides Mainnet Beta Hype, Signals Further Upside
On Monday, the Movement Network Foundation announced the launch of its Movement Public Mainnet Beta. Described as the first Move-based chain that settles to Ethereum, the network enables permissionless smart contract deployment and seamless developer onboarding.
The development has triggered a wave of excitement around MOVE, as it records a spike in market participants’ demand. This is reflected by its daily trading volume, which totals $372 million at press time and has climbed 18% over the past 24 hours.
MOVE Price and Trading Volume. Source: Santiment
When an asset’s price and trading volume increase simultaneously, it signals strong market interest and bullish momentum as more traders buy or speculate on its future value. This surge in demand indicates positive sentiment toward MOVE and hints at a continuation of its current uptrend.
Moreover, on the MOVE/USD one-day chart, readings from the altcoin’s Awesome Oscillator (AO) support the bullish outlook. At press time, this indicator which measures an asset’s market momentum, posts green histogram bars.
MOVE Awesome Oscillator. Source: TradingView
When an asset’s AO bars turn green like this, bearish pressure weakens, and bullish momentum increases. This hints at the possibility of an extended rally for MOVE in the near term.
MOVE Eyes Breakout at $0.49—Will Bulls Push It to $0.61?
At press time, MOVE exchanges hands at $0.48, trading just below the resistance formed at $0.49. If it flips this level into a support zone, it could strengthen its current rally and propel toward $0.61.
MOVE Price Analysis. Source: TradingView
On the other hand, a resurgence in profit-taking activity would prevent this. In that scenario, MOVE’s price could revisit its all-time low of $0.37.
Conclusion
The launch of the Movement Public Mainnet Beta has significantly impacted the price and sentiment surrounding MOVE, showcasing remarkable bullish momentum. As the crypto markets continue to evolve, it will be crucial for MOVE to hold its current support levels and potentially set new highs. Investors should remain vigilant of market conditions and sentiment as they assess opportunities for engagement with MOVE. The next key resistance levels will be pivotal in determining the price direction moving forward.
