- The MOVR token price moving below the 20-day EMA
- The MOVR/BTC pair was trading at 0.004527 BTC with a loss of 1.34%
- The 24 hr trading volume in MOVR is $25.81 Million
The MOVR Token shows the formation of a flag pattern in the daily time frame. This pattern usually indicates an upside breakout providing an excellent opportunity for long traders. However, within this pattern, the trend will remain bearish, and only a proper breakout from resistance will trigger the entry opportunity. The current price of the MOVR token is $262.8, with an intraday loss of $2.81.
The RSI value is at 45 indicating a bearish sentiment for the token price.
MOVR Token Chart In The 4hr Time Frame
On October 11th, the MOVR token gave a breakdown from crucial support of $280. The price has recently come back to this level, to test for a valid resistance. The nearest horizontal support level the technical chart shows is at $225.
The MOVR tokens current price is trading below the EMAs 50, 100, and 200, indicating a bearish trend.
The MACD indicator (BEARISH) shows both the MACD line and signal lines moving below the neutral zone (0.00), indicating bearish momentum in this token.
What is a Moonriver?
Moonriver is a community-led sister parachain on Kusama. It is a companion network to Moonbeam and provides a permanently incentivized canary network. The new cods will ship to Moonriver first, where it can be tested and verified under real economic conditions, and once proven, the same code will ship to Moonbeam on Polkadot. This is done by providing a full EVM implementation, a Web3-compatible API, and bridges that connect Moonriver to existing Ethereum networks.
MOVR is the utility token of moonriver, required to perform the various function on the platform
Conclusion: From the technical perspective, the overall sentiment of the MOVR token is bearish. However, the price action forming a strong bullish pattern, and the crypto should be patient till the price gives a proper breakout from its overhead trendline