Moonriver (MOVR) has managed to fade into the background after an incredible run in 2021. The coin was priced above $490 at the time, but has since fallen over 90% from its all-time high. After an extended period of bearishness, it’s starting to look like this altcoin may never return to its former glory. However, that could be wrong, as expectations for another bull run for altcoin MOVR are once again rising.
MOVR Ready to Exit Extended Consolidation
According to the cryptocurrency analyst, the price of MOVR may be preparing to break out of an extended downtrend and end a consolidation. This consolidation trend began when the price began to decline and then 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 result in a massive move up. Some of the bullish events include an engulfing candle pattern and a quick reaction and internal trend.
As a cryptocurrency analyst at TradingView explains fastingthe engulfed candlestick pattern is bullish as it suggests that the downtrend in MOVR may finally be heading towards a reversal. While the latter, the quick reaction and the inside trendline show that since the altcoin reacted quickly to its support level by approaching its inside trendline, this shows that the price is gaining bullish momentum.
From here, the altcoin has established a key support, which could lend a hand push its price further. While in the second case, when an uptrend begins, MOVR price will have to face the $22 resistance if the price is to regain momentum from there.
How high can the price be?
Given that the market is rebounding and trader sentiment towards coins like MOVR is at an all-time high, the possibility of a massive breakout has increased. The analyst indicates 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 deciding factor. If this level is clear, the price is expected to explode. The first possible high is $199, which would mean a 1026% price escalate.
However, in a scenario where MOVR’s price growth continues, the crypto analyst predicts the price will rise to $234. In this case, that would mean a price escalate of over 2000%, but it would still be about 40% below its all-time high price of $495.
Featured image created with Dall.E, chart from Tradingview.com
