$MOVR is still up 105.7% on the week, but it is 39.8% below its 7-day high of 3.34. Both numbers are true at the same time, and that is the whole MOVR story.
I have followed this one all week. On Oct 2 I wrote that a drop under 2.5 would mean the chase was over. It broke, and the price was 2.131 then. Today it is 2.01, up 13.2% in 24 hours, so it is bouncing, but from lower down.
The bounce is quiet. Volume is about 29.6M USDT, only 0.79x its 7-day average. Earlier in the week this coin traded far more than that on the way up. Hourly RSI is 54.4, neutral. BTC is flat at +0.05%, so this move is MOVR alone.
My view: this is a cooling-off bounce inside a huge week, not a new run. Fewer traders are involved than during the climb.
What would change my mind: a move back above 2.5, the level that broke, with volume above its average. That would say buyers are back in size.
What would confirm the fade: a drop under about 1.78, where MOVR was 24 hours ago. That would erase today's bounce.
#Moonriver #CoolingOff
I have followed this one all week. On Oct 2 I wrote that a drop under 2.5 would mean the chase was over. It broke, and the price was 2.131 then. Today it is 2.01, up 13.2% in 24 hours, so it is bouncing, but from lower down.
The bounce is quiet. Volume is about 29.6M USDT, only 0.79x its 7-day average. Earlier in the week this coin traded far more than that on the way up. Hourly RSI is 54.4, neutral. BTC is flat at +0.05%, so this move is MOVR alone.
My view: this is a cooling-off bounce inside a huge week, not a new run. Fewer traders are involved than during the climb.
What would change my mind: a move back above 2.5, the level that broke, with volume above its average. That would say buyers are back in size.
What would confirm the fade: a drop under about 1.78, where MOVR was 24 hours ago. That would erase today's bounce.
#Moonriver #CoolingOff
