The cryptocurrency market is known for its unpredictability, and Movement is no exception. In the past 24 hours, the altcoin's price has surged by over 20%, with a massive upward price wick and increased trading volume.
While this may seem like an opportunity for traders to make a profit, it's essential to remember that the rally has swiftly retraced, leaving many cautious about attempting to go long. In fact, recent months have seen a theme of solitary volume and price spikes followed by a bearish continuation of the higher timeframe trend.
The hourly RSI has flashed a bearish divergence against the price, forming a lower low even as the price raced higher. This suggests that while the price may be experiencing short-term fluctuations, the overall trend remains unchanged. Furthermore, the OBV saw a large upward spike, but it's unclear if this will have any lasting impact on the market.
For traders and holders, it's essential to remain cautious and keep an eye on key resistance levels. At press time, the $0.0212 is one such level to watch out for. Technically, the $0.02-$0.029 area is a supply zone due to the large upward wick made on Sunday, the 19th of April.