Cryptocurrency analyst channel Crypto4light Market uploaded a new video on December 29th examining the recent price action of Moonriver (MOVR) and likely future targets. Moonriver is an Ethereum-compatible parachain on the Kusama network facilitating interoperability for decentralized applications.
According to the video, Moonriver has surged over 45% to fulfill an initial local price target predicted in early November. The presenter references custom technical analysis indicators used to make these predictions, emphasizing the importance of having a structured trading strategy rather than just chasing signals.
Next Targets in Sight After Strong Momentum
With the first target achieved, the analyst remains bullish on Moonriver’s outlook. They believe that despite the major pump, Moonriver likely won’t retest lower support levels again in the near term.
Some potential correction and consolidation are expected after such a strong move, which is considered normal and healthy. But the overall chart and structure signal further upside, with key resistance levels at $117, $172, $214, and $289 as the next likely long-term targets.
Take Profits, But Maintain Long-Term Position
For investors already in Moonriver, the analyst suggests taking profits on part of the position is reasonable given the over 800% gains since accumulation zones. However, they emphasize the importance of maintaining a core long-term position as well.
The advice is to use potential dips and corrections to rebuild positions and accumulate at key support levels before the next leg up toward the larger targets. Having a plan and sticking to it, rather than reacting emotionally, is crucial.
Bull Run Likely Just Getting Started
Despite the major pump, the video presenter indicates this is likely just the beginning of a larger bull run. As long as Moonriver holds key support levels on any pullbacks, the technicals and structure indicate considerable further upside.
The long-term outlook remains overwhelmingly bullish. The suggestion for most investors is to build an average entry position on dips and consolidate, with eyes set firmly on the next batch of upside targets. Proper planning, patience, and execution remain keys to success in chasing the larger gains.
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