Moonriver (MOVR) Crypto Coin Rallied 1400% Now What Next?


 

Big wedge breakout:

On a weekly time frame, since Jan 2022, MOVR was moving in a big falling wedge pattern. From Jun 2023 the pricline started forming another falling wedge within the aforementioned big wedge. Finally, in the month of Oct 2023 1st it broke out the smaller and then in Nov 2023 it broke out the bigger wedge and pumped more than 1400%.

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Key resistance and support levels:

Now of after more than 1400 surge, the price is rejected by the long-term resistance of $45, which was working as a support in the month of Mar 2022 and now it has been flipped into a resistance.

Now after his rejected the priceline dropped almost 65% and tested a long-term support of $22.50, this level was also working as a resistance in Aug 2022 and now flipped into a strong support.

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Conclusion:

MOVR has broken out a big wedge and has begun a long-term rally. But in order to continue this rally it has to breakout the key resistance of $45.

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