📌🚀*Moonriver Reversal Pattern Confirmed*🔰
Back in late Moonriver (MOVRUSDT) produced a rounded bottom before a major bullish wave.
The chart depicts the price movement of MOVR/USDT on a daily timeframe. A "Inverse Head and Shoulder" pattern is identified, with the left shoulder, head, and right shoulder clearly marked. The neckline is downward-sloping, and the price appears to be testing it. If the price breaks above the neckline, it could confirm a bullish reversal, with a potential price target of around 19.93 USDT, as indicated by the green area.
In this MOVRUSDT chart we have a long-term higher low and after 9 months of bearish action, a major correction, I wouldn't be surprised to see growth.
You can find the targets on the chart. These are short- to mid-term. Long-term it can go higher and higher and higher... And higher.
Technical Indicators: The Relative Strength Index (14) is at 82.35, indicating an overbought condition. The Moving Averages also suggest a strong buy signal, with 92.86% of signals being bullish. However, caution is advised due to excessive bullish movements.
Pivot Points: The price is currently above resistance 2, with pivot points indicating a potential target of $12.42 USDT.
Support and Resistance Levels:
- Support Levels: $8.69 USDT, $7.03 USDT, $6.35 USDT
- Resistance Levels: $10.00 USDT, $11.36 USDT, $12.42 USDT
Keep in mind that cryptocurrency markets are highly volatile. Always consult multiple sources and consider your risk tolerance before making investment decisions.
Thank you for reading.
Your support is appreciated.🫶🏻
