• Movement token has a bearish technical bias in the short-term, faces sell-pressure at $1
• On-chain metrics suggested bulls can be hopeful of a recovery

Movement [MOVE] saw a 5% hike in Open Interest in the 24 hours before press time. This was accompanied by a 3.3% price gain. During this time, Bitcoin [BTC] gained by 0.04%, with its OI dropping by 0.09% too.

Despite the bearishness of Bitcoin, however, the realized cap and supply distribution metrics revealed that MOVE might be gearing up for a recovery.

MOVE range formation outlines crucial support and resistance levels

Over the past month, Movement token has traded within a range. It climbed from $0.83 to $1.13, with the mid-range level at $0.98. Over the last five days, the mid-range level has opposed bullish efforts at recovery. It also lined up with the psychological $1-level, making it a harder challenge for the buyers to overcome.

The $0.8-$0.83 area is a support zone. The OBV has not formed new lows over the past two weeks – An encouraging sight. The selling volume was not overwhelming either. The Awesome Oscillator showed bearish momentum was the norm in recent days, but it seemed to be on the verge of forming a bullish crossover too.