- MOVE token jumped 7% after Movement Network cut ties with a market maker accused of dumping tokens.
- Whales bought around $185M worth of MOVE following the announcement of a $38M buyback plan.
- MOVE broke out of bearish patterns on both 4H and daily charts, hinting at a potential rally toward $0.90 or even $1.11.
The MOVE token from Movement Network just had a bit of a glow-up. Price surged about 7% in 24 hours, after the team pulled the plug on a partnership with a market maker accused of dumping tokens behind their back.
But apparently, whales saw opportunity in the chaos. And they moved fast.
Whales Stack Up $185M in MOVE
According to on-chain data, addresses holding between 100 million and 1 billion MOVE tokens added about 400 million tokens in the past day. That’s nearly $185 million worth scooped up while the rest of the market was still blinking.
This all came on the heels of Movement Network announcing a $38 million buyback plan, after realizing one of its partners had been offloading MOVE without properly providing liquidity. Binance reportedly flagged the activity, and the Movement team cut ties right after being notified.
In their own words: they had no idea until Binance reached out. That’s… rough.
The team has since recovered the funds and is rolling out a strategic reserve buyback. In plain terms—they’re using the reclaimed USDT to buy MOVE tokens off the open market over the next few months, aiming to restore liquidity and trust. The buybacks will take place directly on Binance.
Price Pops, Patterns Break
The price? It reacted quickly. MOVE jumped from $0.42 to $0.46, breaking out of a descending triangle on the 4-hour chart—one of those bearish patterns that usually signal more downside… until they don’t.
And it wasn’t just the price making moves. The Chaikin Money Flow (CMF) indicator climbed to 0.13, hinting that buying pressure is on the rise.
With support near $0.43, if the momentum holds up, MOVE might push through the $0.50 mark soon. Not guaranteed—but the setup looks solid.
Bigger Picture: Can MOVE Hit $1 Again?
Zooming out to the daily chart, things get even more interesting. MOVE’s recent drop from $1 to $0.40 formed a falling wedge, which—if you’re into chart patterns—is usually a bullish reversal setup.
And right now, it looks like the token is breaking out of that wedge. If this breakout sticks, price could climb toward the $0.90 level, with the 0.382 Fibonacci retracement acting as the next checkpoint. And if things get extra bullish? Some projections are throwing out $1.11 as a stretch target.
But let’s not get ahead of ourselves. If MOVE dips back under the wedge’s lower trendline, that rally might fizzle, and the price could drop back toward $0.33.
