MOVE +277.78% in 24 Hours Amid Short-Term Rally and Long-Term Correction

On SEP 8 2025, MOVE surged by 277.78% within 24 hours to reach $0.1227, marking a sharp reversal from recent performance. The token also gained 209.03% over the past week and 132.78% in a month. However, over the past year, MOVE has corrected sharply by 8583.03%, reflecting a broader bearish trend despite the recent optimism.

The short-term rally appears to be driven by a technical rebound from a critical support level. Multiple indicators on major exchanges show a significant shift in sentiment, with on-chain activity suggesting increased accumulation by long-term holders. This divergence between short-term momentum and long-term performance highlights the growing complexity of the market narrative for MOVE. Analysts project that the recent uptick may be part of a larger consolidation phase, particularly as the token trades near key Fibonacci retracement levels that have historically acted as turning points.

Technical analysts have pointed to a bullish engulfing candle pattern on the daily chart, confirming a reversal in sentiment. The Relative Strength Index (RSI) has crossed into overbought territory at 70, suggesting potential exhaustion in the buying pressure, while the MACD line remains positive, indicating sustained momentum. These conflicting signals suggest that while the immediate trend is upward, caution may be warranted for short-term traders.

Backtest Hypothesis

A recent backtesting strategy has been developed to evaluate the efficacy of a swing-trading approach using the same technical indicators referenced in the current analysis. The strategy is based on a simple entry/exit framework triggered by RSI divergence and MACD crossover signals. It assumes a neutral starting point and tests whether consistent use of these indicators would have produced profitable outcomes over a historical time frame. The approach incorporates stop-loss and take-profit levels aligned with Fibonacci retracement levels to manage risk while capitalizing on momentum. Given the current alignment of these signals, the backtest could provide insights into whether the recent rally is a sustainable trend or a temporary bounce.