Movement (MOVE) Gains Attention as Whale Activity in the Market Rekindles Investor Interest

Movement (MOVE) has once again gained attention as whale activity in the market

Movement (MOVE) has once again come into the spotlight as whale activity in the market continues to spark investor interest. Today, Onchain Lens highlighted a whale who withdrew 4.49 million MOVE from Coinbase.

5 hours ago, a whale withdrew 4.49M $MOVE worth $2.11M from #Coinbase Prime.

So far, the whale has accumulated 5.16M $MOVE for $2.41M.

Address: 0x91bd62c525dab64922a7057721fe6cbb90e9628c pic.twitter.com/agBK5ir8AD

— Onchain Lens (@OnchainLens_) August 17, 2023

According to the data posted on X, the whale withdrew 4.49 million MOVE tokens worth $2.11 million from Coinbase Prime. So far the invested has acquired 5.16 million MOVE for $2.41 million.

This whale’s activity suggests potential acquisition by big investors and long-term holders as they could be capitalizing on the current market dips to purchase large quantities of MOVE.

This accumulation shows the investor’s confidence in the asset’s potential for future price growth. It also suggests that this could be the ideal time to buy MOVE.

MOVE price updates

Movement (MOVE) is now facing challenges to sustain its momentum amid market volatility, with onchain indicators showing mixed signals. Despite a remarkable surge over the past week, MOVE is displaying signs of weakness as it trades in the red today, leaving traders and investors in suspense about the asset’s next move.

The technical outlook for MOVE shows that the token is in a critical situation. Currently at $0.449, after seeing a decline of 8.4% in the past 24 hours, the asset is displaying signs of weakness. This comes after its value had been up 4.2% over the past week.

The overall sentiment around the asset remains negative, showing that sellers are in control. MOVE, a relatively new cryptocurrency that was launched more than a month ago, is facing increased pressure due to early investors’ efforts to cash out profits through token sales, which can be seen in recent price actions. MOVE has been down 2.8% and 3.0% over the past two weeks and one month ago, respectively.

Despite market correction, a major indicator is pointing out MOVE’s increased resilience. According to the Coinglass metric, transaction volume on MOVE has risen by 12.49% over yesterday, currently standing at $329.42 million. This surge indicates substantial token outflows from exchanges. Long-term holders, especially, are accumulating the asset for long-term holding, anticipating future price growth – they are buying and transferring tokens from exchanges to cold wallets.

This trend is crucial is because it suggests that, despite the current price drop, long-term buyers to continue to put value on MOVE’s potential. A growing confidence among whales shows that the asset could have the capacity for future growth. If this purchasing activity continues, MOVE could rise to move above the next resistance level at $0.5574. Surpassing this level could be a major milestone for MOVE, suggesting the beginning of a potential recovery.