MOVE Token Approaches Key Resistance After Layer 1 Reveal
At the time of writing, the MOVE token was trading at $0.127, marking a 3.2% daily increase. This upward move follows Movement Labs’ recent announcement to transition from a sidechain to a standalone Layer 1 blockchain, a major development for the project’s future.
In the last 24 hours, market activity around MOVE has intensified. According to Coinglass, MOVE’s daily trading volume jumped nearly 200% to $81.6 million, while derivatives volume surged 256% to $199.2 million.
Open interest rose 15.9% to $61.3 million, signaling growing speculative interest. Typically, rising volume and open interest can point to heightened short-term volatility.
In a statement published on Sept. 16, Movement Labs said it is developing a new Layer 1 network with sub-second finality and capacity exceeding 10,000 transactions per second. The team also unveiled Move 2, an upgraded programming language to offer more flexibility for developers.
The transition will eliminate the centralized sequencer and introduce staking via a validator network secured by MOVE tokens. According to the team, “User funds and existing smart contracts will remain unaffected by the migration.” A public devnet is expected soon.
MOVE is currently testing resistance at $0.134, aligning with the upper Bollinger Band. Support levels are found at $0.124 and $0.113, forming a consolidation range observed over recent weeks.
The RSI stands at 49, indicating a neutral zone, while the MACD has turned positive, hinting at bullish sentiment. Short-term moving averages are near the spot price, but longer-term EMAs (50-day at $0.1319 and 100-day at $0.1546) remain bearish.
If MOVE breaks above $0.134, it could target resistance at $0.15 and $0.16. Conversely, failure to hold current levels may lead to a retest of $0.124 or $0.113.
