Key Notes
- MOVE surged 18% on March 26 after a $38 million buyback program announcement.
- Motion Community recovered $38 million from its market maker by means of Binance.
- The buyback will happen on Binance over the following three months
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Motion’s native token MOVE surged by 18% on March 26, following the community’s announcement of a $38 million buyback program. Motion is planning to determine a Strategic Reserve after recovering funds from a market maker accused of violating contractual obligations.
Binance had beforehand banned the market maker resulting from its rule-breaking practices. Motion revealed that the market maker had engaged in one-sided buying and selling practices, inserting giant promote orders with out corresponding purchase orders.
This disrupted the token’s liquidity and allowed the market maker to revenue by $38 million unfairly. Motion subsequently took authorized motion and efficiently recovered the funds.
Notably, the MOVE purchases utilizing $38 million in recovered USDT will happen on Binance over the following three months, in keeping with the announcement. “[These funds will be] used to purchase MOVE for long-term use and return the USDT liquidity to the Movement ecosystem,” the venture said.
This transfer has sparked bullish sentiment amongst traders, driving the token’s worth upward.
MOVE Worth Outlook
MOVE is at the moment buying and selling at $0.5532, marking an 18% acquire over the previous day. The rally additionally elevated its market capitalization by 18%, bringing it to $1.33 billion.
MOVE had been buying and selling inside a parallel channel between $0.37 and $0.54 for the previous month. The token lately broke by means of the $0.54 resistance and reached an intraday excessive of $0.58. That’s its highest degree in over a month.
Nevertheless, regardless of the current surge, MOVE stays 62% beneath its all-time excessive of $1.45, achieved in December 2024.
On the each day worth chart, the RSI at the moment sits at 61, indicating elevated shopping for stress however nonetheless beneath overbought territory. This means extra room for upward motion.
In the meantime, MOVE worth has damaged by means of the higher Bollinger Band, signaling heightened volatility. If the token holds above the center band (round $0.47), it may maintain the uptrend. Nevertheless, a re-test of this degree is feasible if profit-taking happens.
The MACD line has crossed above the sign line, signaling optimistic momentum. Moreover, the increasing histogram suggests rising bullish power.
If bulls keep management, MOVE may goal the $0.60–$0.63 vary within the quick time period. Nevertheless, any shut beneath $0.4550 may result in a reversal towards $0.37 assist.
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A crypto journalist with over 5 years of expertise within the business, Parth has labored with main media retailers within the crypto and finance world, gathering expertise and experience within the house after surviving bear and bull markets through the years. Parth can also be an writer of 4 self-published books.
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