Jul 19, 2024 12:05
Moonriver (MOVR) has managed to slip into the background after an incredible run in 2021. The price of the coin crossed $490 at the time, but has since fallen more than 90% from its all-time high since then. After an extended bear period, it is starting to look like this altcoin may never return to its previous glory again. However, this might be wrong as expectations for another bull run for the MOVR altcoin are rising once again. MOVR Ready To Move Out Of Extended Consolidation According to a crypto analyst, the MOVR price may be getting ready to move out of a drawn out downtrend and complete its consolidation. This consolidation trend had begun when the price had started falling, and the price fell into a descending channel. Related Reading: XRP Whales Are On The Move Again Heres What Theyre Doing This Time However, with the market recovery, it seems that the altcoin is ready to move out of this consolidation, the result of which would be a major move upward. Some of the bullish developments are the engulfed candlestick pattern and the quick reaction and internal trendily. As the crypto analyst explains in the TradingView post, the engulfed candlestick pattern is bullish as it suggests that the MOVR downtrend may finally be headed toward a reversal. While the latter, the quick reaction and internal trend line show that because the altcoin reacted swiftly to its support level while approaching its internal trend line, it shows that bullish momentum is building for the price. From here, the altcoin has established key support, which could help push its price further. While in the other case, once the uptrend begins, the MOVR price will have the $22 resistance to contend with if the price is to regain its momentum from here. How High Can Price Go? Given that the market is rebounding and trader sentiment for coins like MOVR is back on the high side, the possibilities for a massive breakout have grown. The analyst points out that the market remains optimistic, which is a good sign for the price. Related Reading: Bitcoin Developer Samson Mow Says BTC Will Rise To $1 Million, Heres When To properly confirm the breakout, the crypto analyst says the resistance at $22 will be the determining factor. If this level is clear, then the price is expected to blow out. The first possible high is at $199, which is a 1,026% increase in price. However, in the scenario where the MOVR price rally continues, the crypto analyst sees the price going as high as $234. In this case, it would mean an over 2,000% increase in price, but would still be around 40% below its all-time high price of $495. Featured image created with Dall.E, chart from Tradingview.com
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