A recent report revealed that the Movement Foundation engaged in insider trading with a third party selling MOVE
Investors continue to accumulate MOVE, betting on a price increase despite the controversy
MOVE has increased by 2.96% in the last 24 hours, reflecting widespread buying momentum. This trend seems to extend the price increase seen last week when MOVE rose by 11.80% on the chart.
TinTucBitcoin's analysis describes this upward trend as an unusual market event, especially considering the negative developments in the Movement ecosystem. Is MOVE heading towards a new direction?
Insider trading affects the MOVE coin backed by Trump
According to reports, the Movement Foundation, backed by Trump's World Liberty Financial, has engaged in insider trading.
This fund has signed a loan agreement with a third party, submitting 50% of MOVE's total circulating supply. That party has since sold 66 million MOVE, worth $16.96 million.
Such sell-offs, particularly from a third party, often put downward price pressure by signaling a lack of trust in the market.
However, participants in the MOVE market seem undeterred. In fact, many traders see the price drop as a buying opportunity at a discount and continue to accumulate the asset.
Long-term traders see MOVE as undervalued
As expected, traders have begun to place long bets on the asset, unfazed by the insider trading scandal.
Data from Coinglass netflows, which track spot market activity, reveals that traders have been buying back after 12 consecutive days of selling.
Source: Coinglass
In total, they have purchased over $81K worth of MOVE – An amount that could increase as sentiment improves.
In the Futures market, the trend seems similar. The funding rate of MOVE has risen to 0.0048%, indicating the dominance of long buyers. This rate suggests that long traders are currently controlling the market and may be paying a premium to maintain their positions.
Source: Coinglass
If this ratio continues to rise, it could attract more buyers and open up opportunities for a broader price increase.
Analysts believe MOVE could target the $0.30 range in the short term.
At the time of writing, the Token is trading in an ascending triangle pattern – A structure that often precedes breakouts.
Source: TradingView
If MOVE surpasses its resistance level, the price could jump from $0.25 to $0.30.
Nevertheless, the Token may still consolidate in this structure before making a decisive move on the chart.
Community sentiment is starting to weaken
Ultimately, TinTucBitcoin has utilized CoinMarketCap's community voting feature to track sentiment and found that investor optimism has declined.
On April 29, 82.5% of asset holders viewed this asset as optimistic. That figure has dropped to 77% – Indicating a 5.5% decrease in investor confidence.
Source: CoinMarketCap
If community sentiment continues to decline, the coin could reverse its recent gains and lose upward momentum.
Source: https://tintucbitcoin.com/trader-move-van-mua-foundation-giao-dich-noi-bo/
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