Sideways Expectation Shattered By Strong Selling

The market was initially expecting a period of sideways action due to Tether Dominance being squeezed between key support and resistance zones. However, contrary to expectations, a wave of strong selling hit the market, driving Bitcoin lower.

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From a technical perspective, further downside pressure is likely in the short term. The price is approaching the $115,202 – $113,766 zone, which contains a Fair Value Gap (FVG). This area is seen as a potential support zone. If filled successfully, it could serve as a base for an upward rebound.

Resistance Zone Now In Focus

Should buyers regain control and market sentiment stabilize, Bitcoin could aim for a recovery. The next key resistance levels are located at $121,396 – $120,494. A breakout above this region would improve technical momentum and potentially signal a reversal.

Despite the uncertainty, traders are advised to closely monitor these levels. Both support and resistance areas will play a crucial role in shaping upcoming price action.

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The post Bitcoin Drops Sharply: Market Signals A Correction Phase appeared first on Coin Engineer.

Coinbase Suspends MOVE Token

This sharp decline in MOVE came as a shock to investors, especially since it had only been listed on Coinbase a few months earlier. Following the development, MOVE’s price dropped to as low as $0.20. 

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Movement (MOVE) on May 15, 2025, on or around 2 PM ET.

— Coinbase Assets (@CoinbaseAssets) May 1, 2025

The long-awaited MoveDrop event was postponed again due to deteriorating market conditions. The postponement was announced on the day the airdrop was expected, causing significant disappointment among users who had been collecting points. 

The MOVE team had prepared 740 million tokens for distribution. Additionally, 5% of the MOVE supply on Binance had been allocated for this airdrop. 

Insider Selling and Market Manipulation Revealed 

The MOVE token project initially appeared to be trustworthy. The project raised $40.4 million and built an ecosystem offering DeFi applications and developer tools. The platform had $122 million in total value locked and stablecoin liquidity of around $23 million.

However, MOVE collaborated with malicious market makers. A firm called Web3Port sold 66 million MOVE on Binance, causing the price to fall. Binance banned this firm. Later, the team partnered with Rentech, which artificially pumped the price and then applied selling pressure through aggressive sales. 

Heavily promoted on social media, the MOVE token was also bought by the Trump family’s fund, World Liberty Fi. However, the fund sold all its MOVE tokens shortly after. 

After being listed on major exchanges like Binance and Coinbase in December 2024, the MOVE token rose as high as $1.40. However, due to insider selling allegations and airdrop delays, the price plummeted. MOVE is currently trading at $0.0197. 

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

The post MOVE Token Crashed: Delisted by Coinbase, Airdrop Cancelled! appeared first on Coin Engineer.