As the initial market enthusiasm gradually cools, the price movement of RIVER token exhibits the "structure" favored by technical traders. Analyst Sjuul from AltCryptoGems pointed out on the X platform that after a textbook price fluctuation, RIVER's price continues to rise. His assessment is succinct yet profound: this is a bullish chart.
Clear Structure Revealed in RIVER's 12-Hour Chart
From the 12-hour candlestick chart, the current technical formation is quite clear. After the initial volatility, RIVER token's price has traded within the range of $16.00 to $20.00 for several weeks, successfully building a bottom base. Recently, with the announcement of an airdrop, RIVER's price broke through the $20.00 resistance level, entering a new price range for the first time.
The key lies in the subsequent market reaction. RIVER's price did not fall back to the original range but instead successfully stabilized above the breakout point and began to consolidate in a new, higher range. This is precisely the typical bullish behavior mentioned by Sjuul.
The chart clearly marks a critical "flip" area, where the $20.00 region, previously a resistance level, has now turned into a support level. Below this, there is a marked "retest" area, indicating that the price tested the breakout point after a pullback before continuing its upward trend. This shows strong buying interest in the asset.
Current Price Dynamics and Key Levels
Currently, RIVER token is trading at approximately $20.50, slightly above the area that has turned into support. During previous price fluctuations, the token reached a new high of about $24.00, reflecting the buyers' determination to push RIVER's price to new heights.
On the other hand, the $20.00 area, which has turned into support, currently constitutes the initial support for the token. If RIVER's price fails to maintain above $20.00, it may retest around $18.50, which is the upper edge of the previous price range.
To keep the bullish scenario valid, RIVER's price needs to significantly hold above $20.00. If the price falls below this level, this breakout may be viewed as a false breakout.
Future Outlook for RIVER
RIVER token is at a critical decision point. As long as the $20.00 level continues to provide support, the overall upward trend seems likely to persist. If the price continues to rise, the next target level will be around $24.00, and if this level is breached, it may further challenge $26.00 or higher.