MOVE has been dropping over 80% from it's ATH.
This looks like bearmarket scenario's. But as I did mention before in other posts. This bull cycle is different and especially for ALTCOINS. The massive growth in number of ALTS makes it hard to stand out and gain momentum. The money and social attention is widely spread over milions of coins now. The 1875 active accounts holding MOVE is reasonable for a relative new project jet it doesn't signal mass adoption.
MOVE is a Layer1 / 2 and ZK coin in the smart contracts. It's also in the World Liberty Financial portfoilio and made in the USA. These fundamentals are bullisch for MOVE. A breakout from the FW pattern could make it take off at rocket pace towards the former highs.
Allong the way we can see and identify several major S/R line that have to be broken first.
Indicators:
CONSOLIDATION above support and below resistance
The level where we find MOVE right now looks like consolidation and bottom possibility. With support at 0,218 a small resistance at 0,34 and a major resistance at 0,56.
My trading plan for now:
I will open a new bigger SPOT position in order to lower my AVG ENTRY that has lost over 60% in the last months. A run up from this level to the S/R level 0,56 means a 177% profit.
This looks like bearmarket scenario's. But as I did mention before in other posts. This bull cycle is different and especially for ALTCOINS. The massive growth in number of ALTS makes it hard to stand out and gain momentum. The money and social attention is widely spread over milions of coins now. The 1875 active accounts holding MOVE is reasonable for a relative new project jet it doesn't signal mass adoption.
MOVE is a Layer1 / 2 and ZK coin in the smart contracts. It's also in the World Liberty Financial portfoilio and made in the USA. These fundamentals are bullisch for MOVE. A breakout from the FW pattern could make it take off at rocket pace towards the former highs.
Allong the way we can see and identify several major S/R line that have to be broken first.
Indicators:
- The rounded bottom / consolidation could mark the bottom.
- Stoch indicator: The STOCH shows signs of recovery
- Golden Cross: The short term MA has been crossing the Long term MA signaling recovery.
- Volume: The low volume is typical for the consolidation.
CONSOLIDATION above support and below resistance
The level where we find MOVE right now looks like consolidation and bottom possibility. With support at 0,218 a small resistance at 0,34 and a major resistance at 0,56.
My trading plan for now:
I will open a new bigger SPOT position in order to lower my AVG ENTRY that has lost over 60% in the last months. A run up from this level to the S/R level 0,56 means a 177% profit.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.