MOVE's 15% Midday Surge: Hyperliquid Listing Sparks Major Activity

MOVE has recently caught the attention of the crypto community by soaring over 15% within just 24 hours. This impressive rally occurred amid the larger cryptocurrency market's recent pullback.

Key Takeaways:

MOVE's price surged over 15% due to its listing on Hyperliquid.
The trading volume of MOVE increased by 515%.
MOVE transitioned from an Ethereum Layer 2 to its own Layer 1 blockchain.
Despite the bullish movement, the price struggles to exceed $0.045.
The number of MOVE holders is rising, but monthly active addresses have decreased.

MOVE 15% midday hike - Hyperliquid spot listing, transaction surges, and....

The sudden price increase for MOVE was largely triggered by its spot listing on the Hyperliquid exchange, a decentralized exchange (DEX) that has significantly influenced perpetual trading. The exchange is making strong inroads in spot trading and now boasts over 700,000 active addresses.

With this new listing, MOVE can be utilized as collateral for perpetual trading, which has led to a remarkable 515% rise in the token's daily trading volume.

Recent Price Performance

The price action for Movement (MOVE) cryptocurrency broke free from a sideways trend that had lasted since mid-December, with prices fluctuating between $0.0336 and $0.0400.

The momentum following the Hyperliquid listing showed positive signs on the charts. The Moving Average Convergence Divergence (MACD) indicated gradual upward movement, while the Stochastic Relative Strength Index (RSI) reflected buyer strength.

However, despite this positive trend, the price faced challenges breaking past the $0.045 mark, as seen in the price action where bullish candle wicks indicated seller resistance. This suggests that sellers are challenging any attempts to climb toward $0.06.

MOVE

Source: TradingView

Interestingly, the presence of more cumulative long liquidation leverage indicates that traders may be optimistic about an upward price trend. Currently, total long positions are nearly $4 million compared to $2.67 million in short positions.

MOVE

Source: CoinGlass

Data from Coinglass also shows that traders are using leverage of up to 50x, which implies a higher risk appetite among traders. However, it is crucial to note that if these positions begin to deleverage, the market could react negatively.

Network Activity and Holder Trends

The bullish activity didn’t stop there; network statistics also supported the price rise. The number of MOVE holders has been steadily increasing since January 9, now totaling 39,320.

Movement

Source: CoinMarketCap

Additionally, the total transaction count stabilized over the past week, averaging more than 550,000 transactions per day. At the time of writing, the total transaction count for the week stood at 4.2 million.

Source: Token Terminal

In contrast, the number of monthly active addresses declined by 31%, reaching 14,800. Despite the surge in transactions, this drop suggests that user engagement is waning over the mid-term. This raises concerns about the sustainability of MOVE’s recent price rally, as the token's listing was a significant contributor to its uptick.

Conclusion

In summary, while the MOVE token has recently experienced a notable increase in value following its listing on Hyperliquid, various indicators suggest mixed signals about its future performance and user engagement. Investors might need to stay alert as they navigate these fluctuations in the ever-evolving cryptocurrency landscape.