đđ*Moonriver Reversal Pattern Confirmed*đ°
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.
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