Movement Labs Releases 164.58M $MOVE Tokens to Early Backers
- Token Release Overview: On May 9, Movement Labs released 164.58 million $MOVE tokens to early backers, valued at approximately $2.99 million, representing 1.6% of the total supply, aimed at enhancing liquidity through scheduled unlock events.
- Increased Market Pressure: Despite the token release, $MOVE is currently priced at $0.018, down 98.4% from its all-time high of $1.20 on December 26, 2024, with only about 1.127% of holder addresses in profit, indicating significant potential selling pressure in the market.
- Buyback Plan to Address Crisis: The Movement Network Foundation has committed to a $38 million USDT buyback program using funds recovered from a banned market maker to stabilize market sentiment and reduce potential sell-off pressure, with purchases scheduled over three months on Binance.
- Blockchain Transition Strategy: Movement Labs has transitioned from an Ethereum Layer 2 solution to launching its own Layer 1 blockchain to overcome scalability limitations, although whether this shift will effectively change the supply-side dynamics remains an open question.
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Technical Analysis for TOKEN
Technical Sentiment Analysis for TokenFi (TOKEN). As of , TokenFi (TOKEN) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for TOKEN stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, TOKEN is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
TokenFi (TOKEN) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00208 | 0.0024 | 0.00269 | 0.00301 | 0.0033 | 0.00362 | 0.00392 |
| Fibonacci | 0.0024 | 0.00263 | 0.00278 | 0.00301 | 0.00325 | 0.00339 | 0.00362 |
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