$MOVE Token Tests New Lows as ETF Bets and Buyback Plan Offer Slim Relief
The crypto market, along with blue-chip coins like Bitcoin, could be entering another prolonged consolidation phase, according to Markus Thielen, head of research at 10x Research.
In an April 14 markets report, Thielen stressed that current on-chain metrics signal a “bear market environment more than a bullish one,” suggesting investor caution may linger in the near term.
While macroeconomic concerns like the U.S.–China trade tariff standoff weigh heavily on risk assets, the altcoin market also reflects a major strain.
Among the hardest hit is Movement Network ($MOVE), which has dropped over 9% in the past 24 hours.
$MOVE Token Down Over 80% From Peak, Faces Confidence Crisis
$MOVE initially rose after its token generation event (TGE) and listing on December 9, 2024. However, it tumbled over 80% from its all-time high of $1.45 set just a day earlier.
The Ethereum Layer-2 network, built using the MoveVM and MOVE programming language, originally developed by Facebook, provides high throughput and native interoperability across multiple chains.
In April 2024, Movement Labs raised $38 million in Series A funding, led by Polychain Capital, to improve Ethereum’s scalability and liquidity sharing.
Despite the promise, $MOVE faced a major setback in mid-March when allegations of market manipulation surfaced.
A market maker reportedly dumped 66 million $MOVE tokens just one day post-launch, profiting $38 million in $USDT. Binance later removed the entity involved on March 18.
In response, Movement Network announced a $38 million buyback program, using recovered funds to stabilize the ecosystem.
Movement Network is allocating the $MOVE tokens from this buyback to the Movement Strategic Reserve to sustain market support and reassure investors.
Institutional Interest Grows Despite Market Volatility
Despite its rocky start, traditional finance players have taken notice of Movement Network’s long-term potential with some planning to launch an ETF.
Last month, REX Shares and Osprey Funds filed to launch an ETF that would track the MOVE token.
The REX-Osprey MOVE ETF (ticker: “MOVE”) will debut on May 21, 2025, pending regulatory clearance.
Meanwhile, on-chain metrics show increasing interest.
According to DeFiLlama, the Movement ecosystem has over $120 million in Total Value Locked (TVL), and DEX volume has recently surpassed $5 million, showing that users are interacting with decentralized protocols on the network.
Technical Chart Shows Hope Amid Bearish Structure
The 4-hour chart for $MOVE/$USDT shows a clear and sustained downtrend, with lower highs and lower lows persisting since late March.
Most recently, price action has broken down from a descending channel, with the current market price sitting at $0.2617, reflecting a -10.5% change at the time of capture.
A bullish hammer candlestick has formed at the bottom, marked by a small body and a long lower wick.
This pattern shows a strong rejection of lower prices and hints at a potential reversal following a prolonged downtrend.
The MACD indicator, which is currently showing signs of convergence, supports this potential reversal.
A bullish crossover here could serve as an early signal for a possible trend reversal or at least a relief rally.
Several key resistance zones are identified around $0.35, $0.40, and $0.46. If the reversal plays out, these zones could serve as major hurdles on the way up.
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