MOVE Token Breakout Incoming? Key Resistance Could Trigger 80% Rally

MOVE Token is nearing a critical resistance level, with traders watching the $0.81 zone as a potential launchpad for further gains.

Cryptocurrency known as MOVE Token has recently ascended into the limelight. Its spotlight moment was sparked by potential connections to two prominent figures: Donald Trump and Elon Musk.

Trump, Musk Speculation Fuels MOVE Token Rally

MOVE Token price surged following reports that World Liberty Financial, a fund linked to Donald Trump, purchased a large stake in the crypto. On-chain data revealed that the transaction was valued at approximately $2 million, garnering immediate attention.

As noted by CryptoWinkle, MOVE Token broke out of a crucial technical range on strong volume, approaching its all-time high (ATH) of $1.45. With no significant resistance ahead, traders anticipated further gains from the breakout. Volume spikes of over 200% signaled rising demand for the token.

Some speculated whether Trump’s fund might have had insider knowledge, but there was no evidence to confirm this. Nevertheless, the fund's involvement bolstered bullish sentiment.

Concurrently, rumors emerged that Elon Musk's team was discussing using the Movement blockchain for DOGE-related projects.

According to Route 2 FI, these Musk rumors, combined with the Trump-linked purchase, created a perfect storm for MOVE Token's strong rally.

However, Movement Labs co-founder Rushi Manche denied working with either group, stating, “We are not in direct communication with the Trump-backed DeFi project or Musk’s DOGE team.” Despite this, traders have latched onto the news, driving MOVE Token higher.

MOVE Token Breakout Incoming? Key Resistance Could Trigger 80% Rally

MOVE Token is approaching a critical resistance level, with traders keeping an eye on the $0.81 zone as a potential launchpad for further gains.

At the time of writing, MOVE Token is trading at $0.79, rebounding from recent lows. Analysts suggest that a confirmed breakout above this level could send the token toward $1, with price discovery possibly pushing it to its all-time high (ATH) of $1.45.

According to Rose Premium Signals, MOVE Token has bounced off a key support zone and is now positioned for a breakout.

The 0.618 Fibonacci retracement level at $0.81 serves as the immediate resistance. A confirmed move above this level could set the stage for a rally toward $1.10, followed by $1.32.

MOVE Token recently broke out of a descending trendline, indicating a shift in momentum. The price is hovering near the 0.618 Fibonacci retracement level at $0.81, a key resistance-turned-support zone. If buyers push through, the next targets sit at $1.10 (1.618 Fib) and beyond.

The Relative Strength Index (RSI) currently stands at 50.13, indicating neutral momentum. However, if the RSI climbs higher, it could confirm bullish strength.

Meanwhile, the MACD is approaching a bullish crossover, signaling increased momentum for an upward move.

Crypto Winkle and other analysts highlighted a 239% surge in trading volume, suggesting growing demand. If MOVE Token holds above $0.81, traders can anticipate a rally toward $1.10, $1.25, and ultimately $1.45. Rose Premium Signals also pinpointed resistance at $0.95 and $1.23, marking key levels to watch.

With Trump-linked fund purchases and Musk speculation fueling hype, MOVE Token remains in the spotlight. However, Movement Labs has denied direct ties to either party, but traders continue to bet on the narrative.

The upcoming February mainnet launch adds another catalyst, keeping MOVE Token's short-term outlook bullish.

This article is intended for informational purposes only and does not provide financial, investment, or any other advice. The author or anyone mentioned in this article is not responsible for any financial loss that may occur from investing in or trading. Please conduct your own research before making any financial decisions.