The Movement (MOVE) cryptocurrency has seen an extraordinary surge, leading the 24-hour gains with a massive 700% spike in trading volume.

This intense market activity also took the price to $0.5452, following an earlier 28% jump that took it to $0.5512, with a daily high of $0.5986

The price of Movement (MOVE) has seen an extraordinary surge, leading the 24-hour gains with a massive 700% spike in trading volume.

This intense market activity also took the price to $0.5452, following an earlier 28% jump that took it to $0.5512, with a daily high of $0.5986, according to data from CoinMarketCap.

Investors are now keenly observing whether this altcoin, with a market capitalization of $1.33 billion, can sustain this explosive momentum.

This sharp upward price movement comes on the heels of an announcement from Movement Labs detailing their $38 million buyback plan. This plan is being implemented following the recovery of funds from their market maker, with assistance from Binance exchange.

Technical Signals Point to Further Gains for MOVE

Crypto analyst "Captain Faibik" highlighted the technical breakout of MOVE from a descending channel pattern on the daily price chart.

According to the analyst, this breakout appears to be confirmed, with MOVE breaking above the upper boundary of the channel and continuing to move upwards. This move was accompanied by the now evident significant increase in trading volume.

This technical action often signals strong buying interest and a positive market shift towards the asset.

Although this breakout aligns with the analyst’s prediction of a potential 80% price surge, key resistance levels still need to be overcome before a sustained upward trend can be confidently declared.

Latest Price Analysis for MOVE

As evident in the chart analysis, MOVE’s price action has not only pushed past the 20-day Simple Moving Average (SMA) but has also touched the upper Bollinger Band, which sits around $0.5367.

The widening of the Bollinger Bands typically indicates increased price volatility, suggesting the possibility of a continued bullish push.

If the price manages to consolidate above the $0.53 level, MOVE could then aim to test the next resistance level around $0.60 and move higher.

The Relative Strength Index (RSI) for MOVE has also seen a significant increase, reaching 60.10. This reading also denotes growing bullish momentum.

However, the angle of the RSI line suggests that this bullish pressure might be starting to slightly decline.

What Was the Controversy with the Market Maker and How Did Binance Help?

The recent price rally in Movement (CRYPTO: MOVE) is linked to Movement Labs successfully recovering $38 million in funds from its market maker. Binance disclosed that this market maker had engaged in unethical one-sided trading practices.

Instead of fulfilling their obligations to provide liquidity for the MOVE token, they reportedly dumped 66 million MOVE tokens shortly after the token got listed.

Following intervention by Binance, the problematic market maker was offboarded from the platform on March 18th. The recovered funds will now be used by Movement Labs to purchase MOVE tokens on Binance over the next three months as part of their buyback program.

Binance has reaffirmed its commitment to strict compliance measures, stating that any market makers authorized by projects who are found to be engaging in misconduct will face severe consequences on the platform.