MOVE token gained 5% following ETF filings and the Movement Foundation’s mainnet beta launch.
Investment firms Rex Shares and Osprey Funds have filed an application with the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded fund tied to the price performance of Movement Networks’ MOVE token. This coincides with the launch of Movement Public Mainnet Beta, an Ethereum layer-2 solution built using MoveVM.
According to the filing, the proposed REX-Osprey MOVE ETF will allocate at least 80% of its assets to MOVE or related derivatives, aiming to provide investors with direct exposure to the Ethereum layer-2 blockchain network. The SEC has yet to approve the filing.
The filing marks a departure from the usual focus on Bitcoin and Ethereum-based funds as Donald Trump recently appointed crypto-friendly Mark Uyeda as acting SEC Chair. This signals potential regulatory shifts that could impact upcoming ETF approvals.
Movement Network’s Mainnet Launch
Meanwhile, the Movement Foundation announced the successful launch of Movement Public Mainnet Beta, with $250 million in at-launch Total Value Locked (TVL). According to Rushi Manche, Co-Founder of Movement Labs, the ETF filing commented on the ETF filing and stated:
“Breaking the pattern of ETFs limited to long-established cryptocurrencies opens doors for institutional capital to support next-generation blockchain innovation.”
The MOVE token has responded positively to the news, gaining 5% in the last 24 hours and currently trading around $0.53. MOVE currently has a market capitalization of $1.28 billion, ranking 61st in the list of largest cryptocurrencies, according to CoinMarketCap data.
MOVE Price Outlook
On the daily price chart, the MACD indicator shows a bullish crossover. The MACD line (blue) has moved above the signal line (orange), indicating a potential upward trend. The histogram is also printing green bars, signaling increasing bullish momentum.
Meanwhile, the MOVE price is currently approaching the upper Bollinger Band, suggesting increased volatility. If MOVE sustains above this level, it could indicate a strong breakout. However, rejection from this resistance might push the price back toward the middle band.
On the other hand, the RSI (Relative Strength Index) sits at 52, signaling a balance between buyers and sellers. A move above 60 could confirm strong bullish momentum.
Analysts on X have suggested that a potential ETF launch could send MOVE’s price to a new all-time high. Popular crypto analyst panamaXBT stated that they “wouldn’t be surprised” if the token spikes to $5.