MOVE violent spike, the market makers use buybacks as a smokescreen!
The MOVE five-minute line was smashed from a high of $0.65 to $0.58, with the upper Bollinger Band at $0.62 directly capping the ceiling, and the lower band at $0.55 being targeted by the market makers! The MACD double lines played gymnastics above the zero axis, and just as the bars peeked out, they were smashed into green turtles. This spike clearly indicates that—buyback news is just a smokescreen for the market makers to offload. On-chain monitoring detected 8 million short positions piled up around $0.6, combined with Movement Labs' declared buyback plan of $38 million (in reality, only $5.44 million was spent), the market makers are smoothly playing both sides—benefiting from the news while dumping their holdings!
Buyback smokescreen hides a deadly trap
Don't be misled by the 24-hour trading volume surging 700%, the MOVE/KRW trading pair on the South Korean Upbit exchange contributed 43% of the volume, and when the price hit $0.65, the trading volume actually shrank. This is clearly the market makers using buyback news to pump the price while treating South Korean retail investors as human shields! The Movement Foundation claims to buy back $38 million, but it took three days to buy only 10 million tokens, leaving the remaining $26.56 million likely just hot air. Once retail investors rush in to take the bait, they will announce, "market fluctuations have paused buybacks."
Market makers harvest with dual lines
The four-hour chart violently pumped from $0.47 to $0.65, seemingly breaking through a descending channel, but in reality, the market makers buried a massive fishing order at $0.62. RSI surged to 68 indicating overbought conditions, coupled with Binance's introduction of MOVE collateral lending, clearly enticing leveraged traders to go all-in. Once the liquidation volume piles up enough to pierce through $0.55, the contract corpses will be fed to market makers for recovery. Now, either stabilize at $0.6 for a quick rebound, targeting $0.62 for swift in-and-out trades; if it dares to drop below $0.58, directly add short positions down to $0.52 to catch the tail end!
Bloody operation guide
Current price $0.58, set a breakout order: stabilize at $0.6 and short with eyes closed, stop-loss at $0.62; if it breaks through $0.58, add to short positions, target $0.52! Remember, buyback news = death knell for retail investors, the $38 million pie-in-the-sky promise can fill you up, but the -2% funding rate on Binance indicates shorts are already in a death trap!
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