MOVE Token Scandal: Co-Founder Suspended Amid Dumping Allegations!

MOVE Token Scandal: Co-Founder Suspended, MOVE Price Plummets!

Nearly ten days ago, a controversy broke out at Movement (MOVE). Rushi Manche, a co-founder of Movement Labs, was suspended due to suspected involvement with the MOVE token dump.

Coinbase declared that it would halt token trading on May 15 in response to this event. On May 7, there was a 27% price correction, and the price hit $0.15. Remarkably, purchasers were taking long positions because they believed the asset was cheap, even while the price chart was in freefall.

MOVE Token Bounces Back: Is the Bearish Trend Finally Over?

Given that a sizable portion of the early May losses following the insider trading incident have been recovered, their faith may have been rewarded. Bullish traders should exercise caution, though. To reverse this negative view, a move above $0.252 would be required, and the market structure remained bearish.

MOVE Token Price Analysis: Bulls Eye $0.258 Breakout

The 1-day chart’s most recent lower high MOVE was $0.258. The price failed to break out at the time of publication, despite the buyers exerting pressure on the last support level at $0.2175. Should this resistance level be overcome, buyers shouldn’t go positive right away. Like the price, the OBV was on a downward trend and set a new low on May 7. The Awesome Oscillator also indicated that there was a lot of bearish momentum.

It was easier to see the overhead resistance zones on the 4-hour chart. At the time of writing, the 78.6% Fibonacci retracement level was at $0.23, and it had rejected bulls in Movement tokens. The OBV had been rising since May 7th and was on the verge of setting a new peak. With the Awesome Oscillator above the zero line, bullish momentum was indicated. Swing traders should be cautious of a negative reversal, though, since the longer term is prioritized here.

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