Movement Labs Withdraws 45M MOVE from Binance as Bulls Eye Breakout
Movement Labs’ Strategic Reserve wallet received 45 million MOVE tokens (worth $7.85 million) from Binance wallets on July 1, bringing total reserves to 168 million MOVE ($28.07 million). Despite an unrealized loss of $7.77 million, these inflows signal ongoing treasury management rather than immediate selling pressure. MOVE price has broken above a key descending trendline and successfully retested the $0.165 level, marking a shift in market structure. Technical indicators support further upside: a potential MACD bullish crossover and a reclaim above the $0.176 resistance could propel MOVE price toward $0.185–0.195 and beyond to $0.18–0.25. Short positions have been heavily liquidated between $0.165–$0.172, reducing bearish sentiment and priming a squeeze. Support clusters at $0.168–$0.165 stand as critical levels; failure to hold here may trigger a dip to $0.16 or lower. Overall, the combination of on-chain accumulation and technical momentum points to a bullish outlook for MOVE price in both the short and medium term.
Bullish
The sizeable transfer of 45 million MOVE into the Strategic Reserve wallet indicates accumulation by Movement Labs rather than sell-side pressure, reinforcing bullish fundamentals. Technically, MOVE price has broken out above a key descending trendline and successfully retested the $0.165 level—classic breakout confirmation. A looming MACD bullish crossover and cleared short liquidity between $0.165–$0.172 suggest diminishing bearish momentum and potential for a squeeze. Historical patterns show that on-chain treasury buys often precede price rallies when combined with technical breakouts. Short-term, traders may target $0.176 and then $0.185–$0.195; failure to hold support around $0.168–$0.165 could spark a minor pullback to $0.16. Long-term, sustained reserve accumulation and positive momentum could cement a higher trading range for MOVE.