The Movement token (MOVE) has fallen by more than 20% after the cryptocurrency exchange Coinbase (NASDAQ:COIN) announced that trading of the asset will be suspended on all its platforms: Coinbase.com, Coinbase Exchange, and Coinbase Prime, starting May 15, 2025.
The decision to exclude MOVE followed a routine compliance check by Coinbase. Following the announcement, the order book was switched to a restricted mode, which allows placing or canceling limit orders but does not permit market trades.
This move triggered significant trading activity in MOVE, as evidenced by a 93% increase in daily trading volume to $213.01 million.
The news of the delisting from Coinbase coincided with a decrease in the cryptocurrency's value. At the time of writing, MOVE was trading at $0.1973, down nearly 20% in the last 24 hours.
Currently, the token's support is being tested at the $0.208 level with a potential retracement to the psychologically significant level of $0.200, especially if the bearish trend persists.
At the same time, the MACD indicator is beginning to show early bullish signs — the MACD line crosses the signal line from above. However, conflicting price movements cast doubt on the strength of this signal. Moreover, the RSI index is currently at 30.3, indicating that the token is close to being oversold. This may suggest that, supported by an increase in volume, a short-term bounce is likely.