尽管比特币（BTC）看跌，但运动代币（MOVE）仍准备复苏

[MOVE] 运动显示，截至发稿前 24 小时内，未平仓合约增加了 5%。与此同时，价格上涨了 3.3%。

The price of Movement token [MOVE] saw a 3.3% hike over the 24 hours before press time, reaching $0.93. This came with a 5% increase in Open Interest (OI) too. During this time, Bitcoin [BTC] saw a minimal 0.04% price gain, while its OI dropped by 0.09%.

在发稿前 24 小时内，Movement 代币 [MOVE] 的价格上涨了 3.3%，达到 0.93 美元。与此同时，未平仓合约 (OI) 也增加了 5%。在此期间，比特币 [BTC] 的价格上涨了 0.04%，而 OI 则下降了 0.09%。

Despite Bitcoin’s bearishness, however, some realized cap and supply distribution metrics might be setting up MOVE for a recovery.

然而，尽管比特币看跌，但一些已实现的上限和供应分配指标可能正在为复苏奠定基础。

MOVE range formation outlines crucial support and resistance levels

MOVE 范围形成概述了关键的支撑位和阻力位

Four-hour Chart

四小时图

Over the past month, the Movement token has traded within a range. It climbed from $0.83 to $1.13, with the mid-range level at $0.98. Over the last five days, the mid-range level has opposed bullish efforts at recovery. It also lined up with the psychological $1-level, making it a harder challenge for the buyers to overcome.

在过去的一个月里，Movement 代币一直在一个区间内交易。价格从 0.83 美元攀升至 1.13 美元，中间价位为 0.98 美元。在过去的五天里，中间水平阻碍了复苏的看涨努力。它还与 1 美元的心理水平一致，这使得买家面临更难克服的挑战。

The $0.8-$0.83 area is a support zone. The OBV has not formed new lows over the past two weeks – An encouraging sight. The selling volume was not overwhelming either. The Awesome Oscillator showed bearish momentum was the norm in recent days, but it seemed to be on the verge of forming a bullish crossover too.

0.8-0.83 美元区域是支撑区域。过去两周 OBV 并未创下新低——这是一个令人鼓舞的景象。销量也不是压倒性的。令人敬畏的振荡指标显示看跌势头是最近几天的常态，但它似乎也处于形成看涨交叉的边缘。

Short-term bearishness evident from OI and realized cap metrics

OI 和已实现上限指标显示短期看跌

One-day Chart

一日图

Meanwhile, data from Coinalyze highlighted strong short-term bearish sentiment. The Open Interest has been trending lower alongside the spot CVD. The 5% gains over the last 24 hours were too little to counteract the prevalent selling sentiment.

与此同时，Coinalyze 的数据凸显了强烈的短期看跌情绪。未平仓合约随着现货 CVD 一直呈下降趋势。过去 24 小时内 5% 的涨幅不足以抵消普遍的抛售情绪。

Short-term realized cap underlines distribution trends

短期已实现上限凸显了分布趋势

One-day Chart

一日图

The NVT ratio saw a sharp uptick recently. This indicated potential overvaluation of the token, relative to its transaction volume. The 30-day MVRV ratio was at -4%, highlighting that MOVE holders were at a minor loss.

NVT比率最近急剧上升。这表明该代币相对于其交易量可能被高估。 30 天 MVRV 比率为-4%，突显 MOVE 持有者遭受了轻微损失。

The realized cap across the 30-day window saw a steep fall last week, alongside its dwindling price. Since the realized cap calculates the value of an asset based on the price at which each token was last moved, this meant participants were moving the token at lower prices.

上周，随着价格的下跌，30 天窗口的已实现上限大幅下跌。由于已实现上限是根据每个代币上次移动的价格计算资产的价值，这意味着参与者以较低的价格移动代币。

Finally, supply distribution analysis showed that apart from the wallets holding 100k-1 million MOVE, most other market participants were buying more. This whale cohort is arguably among the most important holders. Despite the downtick over the past week, their numbers were still higher than it was before Christmas.

最后，供应分布分析显示，除了持有10万-100万MOVE的钱包外，大多数其他市场参与者都在购买更多。这群鲸鱼可以说是最重要的持有者之一。尽管过去一周有所下降，但人数仍高于圣诞节前。

Overall, the short-term bias was bearish, and the OI change was not enough for MOVE’s recovery. Thus, traders can keep an eye on the realized cap metric. A sudden spike would be a buy signal. Meanwhile, steady accumulation from some cohorts of holders also implied conviction.

总体而言，短期偏向看跌，OI 变化不足以推动 MOVE 的复苏。因此，交易者可以关注已实现的上限指标。突然的飙升将是一个买入信号。与此同时，一些持有者群体的稳定增持也表明了他们的信念。