MOVE Market Update

• MOVE gained massive momentum across the market as Open Interest and market volumes surged.
• Bearish sentiment still exists as some spot market investors and futures traders offloaded their MOVE holdings.

Movement (MOVE), at the time of writing, was among the top gainers in the market after rallying by over 7% in the last 24 hours. Thanks to this, its weekly gains climbed to over 17.9% on the charts.

Hence, on the face of it, market sentiment appeared to be bullish. However, AMBCrypto’s analysis revealed that bears are still active and they are betting on MOVE’s decline in the near term.

A Flash of Bullish Signals

Movement’s (MOVE) performance over the last 24 hours has been impressive. Its price surge, despite the broader market decline, has been driven largely by buying activity in the derivatives market, as Open Interest and buying volume increased.

During this period, Open Interest rose by 17% to $95.36 million, indicating more contracts were opened. AMBCrypto analyzed other key metrics to determine whether buy or sell contracts dominated.

The altcoin’s Taker Buy-Sell Ratio confirmed that buying contracts dominated, as the volume of buyers outweighed sellers in the derivative market over the past 24 hours, with a reading of 1.027. A reading above 1 indicates that there are more buyers than sellers in the Futures market.

Similarly, MOVE’s overall trading volume surged over 300% during this period, surpassing $700 million. Historically, a price hike accompanied by a volume surge means that buyers outnumber sellers.

Warning Ahead – MOVE Sellers Could Take Charge

Despite the bullish momentum, sellers in both the derivatives and spot markets have been gaining traction lately.

At the time of writing, the altcoin’s Open Interest Weighted Funding Rate had turned negative. This hinted at the presence of sellers in the market, despite the bullish trends. Its OI-weighted funding rate stood at -0.0741, a significantly high negative figure alluding to strong bearish sentiment across the board.

In the market, the Open Interest Weighted Funding Rate is a key indicator of sentiment in the derivatives market since it combines both open interest and funding rate to provide a more precise measure of market direction.

In the spot market, traders sold a total of $1.24 million worth of MOVE, as determined by the exchange netflows. This sell-off could be simple profit-taking or the start of a more significant downturn.

Up or Down? MOVE at a Crossroads

Movement (MOVE) is currently at a critical juncture. Using Fibonacci levels, AMBCrypto marked key price points on the chart.

If bears take control, a confirmation will come if MOVE’s current candlestick closes below the support level of $0.4859 and drops further, with the next stop at $0.4639.

However, if the $0.4859 support level holds, MOVE could see a bounce higher, potentially reaching $0.5573. If bullish momentum continues, the price could climb even further.