MOVR Bulls Assemble: Crypto Analyst Says A 2,000% Surge To $234 Is Imminent

by

As a seasoned crypto investor with several years of experience under my belt, I have seen my fair share of market volatility and coin price fluctuations. Moonriver (MOVR) was one of the coins that caught my attention in 2021 when it reached an all-time high of over $490. However, like many other altcoins, MOVR has since experienced a significant downturn, falling more than 90% from its peak.

Moonriver (MOVR) experienced a remarkable surge in value during 2021, reaching a peak price of over $490. Since then, however, its value has dropped by more than 90% from its all-time high. After an extended downturn, it seems that this altcoin may have missed its chance to regain past splendor. However, there are growing anticipations for another bull market for MOVR, which could potentially bring the coin back into the limelight.

MOVR Ready To Move Out Of Extended Consolidation

A cryptocurrency expert predicts that the MOVR price could soon break free from its prolonged slide and finish its period of sideways movement. This downtrend in price began when it initially started declining, leading it to form a descending channel.

With the market bounce-back, there are indications that the altcoin may soon break out of its current consolidation phase. This could lead to a significant price surge. Some positive signs include the appearance of an engulfing candlestick pattern and the coin’s quick response and upward trend within its chart.

In the TradingView post, the crypto analyst interprets an engulfed candlestick as a sign of an impending bullish reversal for the MOVR downtrend. Simultaneously, the altcoin’s quick response and proximity to its internal trend line indicate growing bullish momentum due to its swift reaction to support levels.

Moving forward, the altcoin has formed a significant support level where it may find buying interest, potentially fueling further price growth. On the contrary, as the uptrend sets in for MOVR, it will encounter the $22 resistance level, which could hinder its progression if it intends to regain momentum from this point.

How High Can Price Go?

With the market recovering and investor enthusiasm for coins such as MOVR surging once more, the chances of a significant price surge have become more promising. The analyst notes that the market’s positive outlook bodes well for potential gains.

For a confirmation of the breakout to be valid, the crypto analyst points out that the resistance at $22 holds significant importance. Should this barrier be convincingly surpassed, then a substantial price surge towards $199 is anticipated, representing a potential 1,026% price increase.

If the MOVR price surge persists, the crypto analyst anticipates a peak of $234. This represents approximately a 2,000% rise from the current price, but it would still fall short of the cryptocurrency’s previous all-time high at $495 by around 40%.

Read More

2024-07-18 21:04