Moonriver’s native token, MOVR, has seen an incredible price surge over the past couple days. In just the last 24 hours, the price of MOVR has spiked over 200%, and it is up over 350% in the last two days. What is driving this massive rally, and can MOVR break through the major resistance level at $45?
Driving Factors Behind the MOVR Price Surge
As wiseadvicesumit explained, when an L1 blockchain like Polkadot or Kusama moves, it often drives up the prices of tokens related to that ecosystem. Both DOT and KSM, the native tokens of Polkadot and Kusama, are up double-digits themselves in the last day.
As a reminder, Moonriver is a leading Ethereum-compatible parachain on the Kusama network. So with the overall momentum building in Kusama, it makes sense that we would see MOVR rapidly appreciate as well.
Additionally, as noblecoins points out, this MOVR surge signals that the wider Polkadot ecosystem could be gearing up for some bullish price action. If money begins flowing more heavily into DOT, KSM, and related projects, MOVR could certainly tag along for the ride.
MOVR Price Action and Technical Analysis
At the time of noblecoins’ tweet, MOVR had already broken out above the $24 level. In the hours since, the price rise has been astronomical, with MOVR soaring over $41 at press time according to CoinGecko.
This rapid price increase has put MOVR right in range of the major resistance level at $45. Bulls will be battling to flip $45 into support and maintain the uptrend. If they can succeed, MOVR would be in price discovery mode and likely continue running to new all-time highs.
However, the speed of this uptick combined with no direct project announcements has some analysts concerned this could be an “oversold” move. If $45 holds as resistance, we could see an aggressive pullback as shorts try to take advantage.
In summary, Moonriver’s MOVR has exploded higher over the last 48 hours due to a mix of factors:
- Bullish momentum building in DOT and the Kusama ecosystem
- No direct MOVR announcements to justify the price spike
- FOMO and hype driving short-term speculative buying
The key test will be whether the $45 resistance level flips to support. If so, MOVR could keep pushing to new highs. If not, beware a sharp pullback as the rally loses steam. Traders should watch the action at $45 closely to try and time entries and exits accordingly.
“This movement on $MOVR should let you know that the Polkadot ecosystem is awake already. Keep an eye legend,” said noblecoins. Their analysis seems accurate so far, and MOVR’s huge spike is likely only the beginning if the wider altcoin market rallies in tandem.
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