Movement (MOVE) Rises 18% Following $38 Million Buyback Program Announcement
Movement's native token MOVE increased by 18% on March 26 after the announcement of a $38 million buyback program. The funds were recovered from a market maker accused of violating contractual obligations.
Key points include:
- The market maker engaged in one-sided trading, impacting liquidity and allowing an unfair profit of $38 million.
- Binance previously banned this market maker for rule violations.
- Legal action led to the recovery of the funds, which will be used to purchase MOVE over the next three months.
- This initiative aims to boost long-term liquidity within the Movement ecosystem.
MOVE is currently trading at $0.5532, with an 18% gain and a market capitalization of $1.33 billion. The token broke through the $0.54 resistance level, reaching a high of $0.58, its highest in over a month. However, it remains 62% below its all-time high of $1.45 from December 2024.
Technical indicators show:
- RSI at 61, indicating buying pressure but not overbought.
- Broke above the upper Bollinger Band, suggesting increased volatility.
- MACD line crossed above the signal line, indicating positive momentum.
If bullish momentum continues, MOVE may target the $0.60–$0.63 range. A close below $0.4550 could lead to a reversal towards $0.37 support.
