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MainNewsMovement (MO...

Movement (MOVE) Tanks 21%: Will Prices Recover Above $1?


by Parth Dubey
for Coinspeaker
Movement (MOVE) Tanks 21%: Will Prices Recover Above $1?

Coinspeaker
Movement (MOVE) Tanks 21%: Will Prices Recover Above $1?

Ethereum layer-2 project Movement’s native cryptocurrency, MOVE, nosedived to a record low of $0.185 today. At the time of writing, the token is trading around $0.19, down by 21%, following a series of controversies.

The price drop follows the suspension of the project’s co-founder Rushi Manche by Movement Labs. This disciplinary action comes after a market-making deal involving Rentech and Web3Port, a market maker that dumped 66 million MOVE tokens on the open market, roughly 5% of the total supply.

Movement Labs revealed the suspension in a May 2 post on X. This move followed Coinbase’s announcement that it will suspend trading of MOVE from May 15, citing its failure to meet listing standards.

This controversy started with an agreement brokered by Manche and Rentech, who granted Web3Port major control of MOVE tokens. Shortly after, Web3Port reportedly liquidated its holdings for a staggering $38 million in December 2024.

Community Backlash

Meanwhile, Binance recently announced that it had offboarded a market maker involved in misconduct. While it did not explicitly name Rentech, the description closely matched the MOVE token dump incident.

Binance noted that the unnamed firm sold tokens aggressively while placing minimal buy orders, profiting $38 million before being banned from the platform. The exchange added that those funds have been frozen and will be redirected to compensate affected users.

The Movement Network Foundation plans to use the seized profits to launch a buyback initiative and create a strategic reserve. Still, investor confidence appears shaken.

One community member wrote, “MOVE is now a useless coin.” Others were slightly more optimistic, pointing out that a suspension isn’t a permanent delisting.

MOVE initially gained momentum in January when Donald Trump-backed World Liberty Financial purchased $1.9 million worth of tokens.

MOVE Price Outlook

The ongoing MOVE price drop has resulted in the loss of $135 million from the token’s market cap. On the daily chart, the RSI sits near 31, approaching oversold territory. This suggests that sellers could soon exhaust themselves, but no clear reversal has formed yet.

MOVE price chart | Source: Trading View

MOVE price chart | Source: Trading View

Bollinger Bands show price hugging the lower band, a sign of volatility and downward continuation. A breakdown below $0.18 could trigger further panic selling toward the $0.12 zone.

Meanwhile, the MACD line has crossed above the signal line, which could hint at a short-term bullish divergence, but this signal is weak given the broader downtrend. Traders could see immediate resistance at $0.24, with stronger pressure near $0.30.

MOVE price chart | Source: Trading View

Movement (MOVE) Tanks 21%: Will Prices Recover Above $1?

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Movement (MOVE) Tanks 21%: Will Prices Recover Above $1?


by Parth Dubey
for Coinspeaker
Movement (MOVE) Tanks 21%: Will Prices Recover Above $1?

Coinspeaker
Movement (MOVE) Tanks 21%: Will Prices Recover Above $1?

Ethereum layer-2 project Movement’s native cryptocurrency, MOVE, nosedived to a record low of $0.185 today. At the time of writing, the token is trading around $0.19, down by 21%, following a series of controversies.

The price drop follows the suspension of the project’s co-founder Rushi Manche by Movement Labs. This disciplinary action comes after a market-making deal involving Rentech and Web3Port, a market maker that dumped 66 million MOVE tokens on the open market, roughly 5% of the total supply.

Movement Labs revealed the suspension in a May 2 post on X. This move followed Coinbase’s announcement that it will suspend trading of MOVE from May 15, citing its failure to meet listing standards.

This controversy started with an agreement brokered by Manche and Rentech, who granted Web3Port major control of MOVE tokens. Shortly after, Web3Port reportedly liquidated its holdings for a staggering $38 million in December 2024.

Community Backlash

Meanwhile, Binance recently announced that it had offboarded a market maker involved in misconduct. While it did not explicitly name Rentech, the description closely matched the MOVE token dump incident.

Binance noted that the unnamed firm sold tokens aggressively while placing minimal buy orders, profiting $38 million before being banned from the platform. The exchange added that those funds have been frozen and will be redirected to compensate affected users.

The Movement Network Foundation plans to use the seized profits to launch a buyback initiative and create a strategic reserve. Still, investor confidence appears shaken.

One community member wrote, “MOVE is now a useless coin.” Others were slightly more optimistic, pointing out that a suspension isn’t a permanent delisting.

MOVE initially gained momentum in January when Donald Trump-backed World Liberty Financial purchased $1.9 million worth of tokens.

MOVE Price Outlook

The ongoing MOVE price drop has resulted in the loss of $135 million from the token’s market cap. On the daily chart, the RSI sits near 31, approaching oversold territory. This suggests that sellers could soon exhaust themselves, but no clear reversal has formed yet.

MOVE price chart | Source: Trading View

MOVE price chart | Source: Trading View

Bollinger Bands show price hugging the lower band, a sign of volatility and downward continuation. A breakdown below $0.18 could trigger further panic selling toward the $0.12 zone.

Meanwhile, the MACD line has crossed above the signal line, which could hint at a short-term bullish divergence, but this signal is weak given the broader downtrend. Traders could see immediate resistance at $0.24, with stronger pressure near $0.30.

MOVE price chart | Source: Trading View

Movement (MOVE) Tanks 21%: Will Prices Recover Above $1?

Read the article at Coinspeaker

Read More

Movement (MOVE) Plummets After Top US Crypto Exchange Coinbase Axes Support for the Layer-2 Project

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The Ethereum (ETH)-based layer-2 project Movement (MOVE) cratered to an all-time low ...
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