- Move’s Strategic Reserve Wallet received 45M MOVE worth $7.85M from Binance as their total balance faced a loss of $7.77M.
- MOVE price action is bullish, with price above a key descending trendline after a retest of the break.
Movement [MOVE] crypto saw a slight decline in daily price change, but its on-chain activity saw a positive spike.
On the 1st of July, the Strategic Reserve wallet of Movement Labs was replenished with 45 million MOVE tokens. These tokens, worth $7.85 million, were received from a group of Binance wallets, per Onchain Lens.
The transfers were done in several batches of 5M to 10M MOVE. This new inflow made the total MOVE holdings in the Strategic Reserve 168 million tokens, valued just a little over $28.07 million.
Nevertheless, in spite of the holding, at the wallet held an unrealized loss of about $7.77 million.
The constancy of the deposits indicated continuation of treasury management or in readiness to be consumed internally and not of direct selling pressure.
Assessing MOVE’s bullish structure
Since the price broke out above a key downtrend line, the price action of MOVE turned bullish. The retest near the $0.165 area was tried successfully.
The break implied the change in the market structure, and the continuation towards $0.175 supported the move of buyers.
If the bullish structure has not been broken, then price could reach more than $0.18 and almost $0.25. Nevertheless, a different picture was painted by the MACD.
Momentum made it obvious as the MACD and the signal lines moved closer to a possible bullish cross-over. This might signal decreasing bearish power.
Source: TradingView
In case the crossover is fulfilled, there could a possibility price reclaims mid of the Bollinger Bands. Alternatively, price could visit earlier support levels of $0.168-0.165.
Failure to hold above the same zone could create a door or to go back to $0.16 or lower.
On the other hand, a reclaim and close over $0.176 could spark the interest in bullish trades again. This would propel the next leg to $0.185 to $0.195.
Shorts getting obliterated
Worth noting, the MOVE liquidation heatmap was strong in collapsing the short positions, with the price moving from $0.16 to $0.175. There was a gloom of liquidation between $0.165-$0.172.
The zone was where shorts were hammered in the bull run.
After the $0.176 mark, there was layered liquidity that indicated the likelihood of greater short positions being placed.
This preconditioned more opportunities to rise once the price breaks the resistance on the other side of that barrier-probably generating another cascade of liquidations.
Source: CoinGlass
Negatively, there was relatively less support at light liquidity under the level of $0.17, but a second cluster at $0.165 could prove to be a bumper.
Breaking the zone of resistance at $0.176 may lead to a more rapid break in the higher direction. Otherwise, a failed attempt may lead to a temporary reverse movement to the support zone between $0.168 — $0.165 or lower.
