MOVE Price Soars 18% Following $2 Million Purchase By WLF, Sparking a 15% Price Surge

Highlights:

• MOVE price rises 18% to $0.8127, with trading volume up 268%.
• Trump-backed firm buys $2M in MOVE, boosting value by 20%.
• Rumors link MOVE to Elon Musk’s DOGE; co-founder denies direct talks.

The Movement (MOVE) price has soared 18% in the last 24 hours to trade at $0.8127 as of 6 a.m. EST on a 268% pump in trading volume to $798 million. This jump in MOVE price follows the purchase of $2 million worth of the MOVE tokens by World Liberty Financial, backed by Donald Trump, which saw it surge 20% in the token’s value.

The price has been further driven by rumors of Movement in conversations with Elon Musk’s Department of Government Efficiency (DOGE) to institute blockchain technology into different government operations related to tracking federal spending and securing data and buildings.

🇺🇸 Trump-backed World Liberty Financial purchases $2 million MOVE tokens

🚨 Key Updates on $MOVE Token Purchase by $WLFI 🚨

📌 WLFI purchased $2M worth of MOVE tokens.
📌 Movement Labs allegedly in talks with the newly formed Department of Government Efficiency (DOGE),… pic.twitter.com/DNn55Wdu7U

— Cult of Blockchain (@BlockchainCult) January 28, 2025

Contrary to speculation, however, Rushi Manche, the co-founder of Movement Labs, denies any direct discussions with DOGE, adding that blockchain companies’ success in government projects could be very huge in the next few years. This move follows the interest of key figures in the tech and political spheres, signaling a growing recognition of blockchain’s potential in governmental functions.

MOVE Price Spikes Along a Parabolic Curve

MOVE/USD moves actively in price action, including key points and patterns. Currently, the price is at $0.8171, and the rebound from the recent losses is very impressive; this rebound is close to the major support zone at the $0.65 level, where buyers come in to stop further bearish movement.

First, it had been moving down very steadily within a downtrend channel, unable to trade above the MA 50-period ago $0.7069. The dramatic rebound has driven the price upwards beyond this average and gave a corresponding signal for probably forming a trend reverse.

It is now at the “reward zone,” between $0.83 and $0.85, a strong resistance zone, with upward momentum tending to meet challenges there. Beyond that, the next important resistance level is at $0.94, an area where the selling pressure has been extremely strong in the past. It might promise further ascension if the price breaks and is sustained above this level. If it fails to surpass the $0.83-$0.85 range, a pullback to $0.70 is likely, aligning with the 50-MA or possibly retesting the $0.65 support zone.

Bullish Technicals Signal a Further 15% Surge

The MACD indicator shows positive momentum: the MACD line is above the signal line, and the histogram is positive. It indicates the presence of pressure from buyers. The RSI is at 62.13, which is in the bullish territory. Therefore, it supports upward strength but approaches the overbought zone. This means that it may slow down or consolidate.

This combination of technical signals indicates that while the Movement price shows signs of strength, it may struggle to continue its upward trajectory without significant buying volume. If the price breaks and holds above $0.85, it could test the $0.94 resistance and potentially establish a new bullish leg. On the other hand, a rejection in this zone could lead to a pullback, with the moving average at $0.70 and the $0.65 support zone as key levels to watch.