MOVR Bulls Assemble: Crypto Analyst Says A 2,000% Surge To $234 Is Imminent
18 Juli 2024 - 8:00PM
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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 – Here’s
What They’re 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,
Here’s 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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