Altcoins
Cryptocurrency Analyst Says 2,000% Surge to $234 Is Imminent
Moonriver (MOVR) managed to fade into the background after an incredible run in 2021. The coin’s price broke through $490 at the time, but has since fallen over 90% from its all-time high since then. After a prolonged bearish period, it’s starting to look like this altcoin may never return to its former glory. However, that could be wrong, as expectations of a new bull run for the Altcoin MOVR are on the rise again.
MOVR Ready to Exit Prolonged Consolidation
According to a crypto analyst, MOVR price could be preparing to break out of a long downtrend and complete its consolidation. This consolidation trend had started when the price started to decline, and the price fell into a descending channel.
However, with the market recovering, it seems that the altcoin is ready to break out of this consolidation, which would lead to a major move higher. Some of the bullish developments are the engulfing candlestick pattern and the quick reaction and the inside trend.
As the crypto analyst explains in TradingView jobThe engulfed candlestick pattern is bullish because it suggests that the MOVR Downward Trend could ultimately be heading towards a reversal. While the latter, the quick reaction and internal trendline show that as the altcoin reacted quickly to its support level while approaching its internal trendline, it shows that bullish momentum is building for the price.
From here, altcoin has established a key support, which could help push its price further. While in the other case, once the uptrend starts, MOVR price will have to face the resistance at $22 if it wants to regain momentum from there.
How high can the price go?
As the market is rebounding and trader sentiment for cryptocurrencies like MOVR is back on the rise, the chances of a massive breakout have increased. The analyst points out that the market remains bullish, which is a good sign for the price.
To properly confirm the breakout, the crypto analyst says that the resistance at $22 will be the determining factor. If this level is clear, the price is expected to explode. The first possible high is at $199, which represents a price increase of 1,026%.
However, in the scenario where MOVR price increase The crypto analyst believes that the price could reach $234. In this case, it would mean a more than 2,000% increase in price, but would still be about 40% below its all-time high price of $495.
Featured image created with Dall.E, chart by Tradingview.com