Date: Thu, March 06, 2025 | 05:02 AM GMT
The cryptocurrency market is gaining strong momentum ahead of the highly anticipated White House crypto summit under Trump’s administration on Friday. Investor confidence has surged, with Bitcoin (BTC) rebounding sharply from its Tuesday low of $81K to currently trade at $92K.
Altcoins are following suit, and Movement (MOVE), the Layer-2 token, has captured attention with an impressive 24% surge in the last 24 hours. This rally has been fueled by key accumulation from a major player in the market.
Source: Coinmarketcap
Accumulation by World Liberty Financial
MOVE’s recent upside momentum is being driven by significant buying activity from Donald Trump’s project, World Liberty Financial. On-chain data shows that World Liberty Fi’s wallet recently transferred 25M USDC to a new multi-signature wallet and made several large purchases, including:
- 4,468 ETH ($10M) at $2,238
- 110.6 WBTC ($10M) at $90,420
- 3.42M MOVE ($1.5M) at $0.439
Source: @spotonchain (X)
This strong institutional interest in MOVE suggests growing confidence in its long-term potential and could be a key catalyst for further price appreciation.
Is a Breakout on the Horizon?
On the daily chart, MOVE is currently trading within a falling wedge pattern, a formation that often signals a potential bullish breakout. The token recently bounced off key support at $0.35, which aligns with the 200-day Moving Average (MA). This rebound has pushed MOVE toward the upper resistance of the wedge, where it is now trading at $0.49.
If bullish momentum continues and MOVE successfully breaks above the falling wedge resistance, a retest of this breakout level followed by a move above the 50-day MA would confirm an uptrend. This could then spark a strong rally, with key upside targets at $0.89 and $1.22, representing a potential 148% increase from the current price.
The MACD indicator is showing early signs of a bullish crossover, indicating a possible momentum shift in favor of buyers. A crossover confirmation would further support the breakout potential.
However, if MOVE fails to break the descending resistance, it may pull back toward the lower trendline of the wedge before making another breakout attempt.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
