Market Overview for Moonriver/Tether (MOVRUSDT) as of 2025-11-08

• Price surged to a 24-hour peak of $4.65 before retreating to $3.78.
• Strong volume spikes marked key turning points, especially in early evening ET.
• RSI overbought in the afternoon, followed by bearish divergence.
• Price closed near the lower Bollinger Band, suggesting oversold conditions.
• A Bearish Engulfing pattern formed mid-session, hinting at bearish momentum.

Moonriver/Tether (MOVRUSDT) opened at $3.802 on 2025-11-07 at 12:00 ET and surged to a high of $4.65 by 20:00 ET. The price then pulled back sharply to a 24-hour low of $3.78 before closing at $3.817 at 12:00 ET on 2025-11-08. Total traded volume reached 984,386 MOVR, while notional turnover amounted to $4.26M in the 24-hour window.

The candlestick pattern over the last 24 hours was notably volatile, with a strong rally followed by a steep correction. A Bearish Engulfing pattern emerged around 18:30 ET, as buyers pushed the price above $4.40 before sellers overwhelmed the rally and triggered a steep sell-off. This formation suggests a potential shift in momentum from bullish to bearish.

Structure & Formations

Key resistance levels emerged at $4.65 (intraday high) and $4.45, where the price stalled multiple times during the rally. Strong support was identified at $3.90 and $3.78, with the latter acting as a critical psychological level. A Doji formed at $4.05, indicating indecision after the initial surge. The Bearish Engulfing pattern at $4.40 appears to be the most significant formation, suggesting bearish momentum may continue unless buyers defend the $3.90 level.

Moving Averages

On the 15-minute chart, the price crossed below both the 20-period and 50-period moving averages around 20:00 ET, reinforcing bearish momentum. The 50-period MA has remained above the 100-period MA and 200-period MA on the daily chart, but the 20-period MA has dipped below the 50-period MA, indicating a short-term bearish bias. This confluence of moving averages suggests that MOVRUSDT may remain in a bearish trend in the near term, though a rebound above the 20-period MA could signal a short-term recovery.

MACD & RSI

The RSI indicator peaked at 83 (overbought territory) around 20:00 ET but has since dropped sharply to 27, signaling oversold conditions. MACD turned negative in the last 3 hours, with a bearish crossover confirming a potential continuation of the downward trend. While RSI suggests a potential rebound from oversold levels, the MACD and bearish candlestick pattern imply that bearish momentum may dominate over the next 24 hours.

Bollinger Bands

Price volatility surged during the afternoon, with the upper Bollinger Band reaching $4.65. As the price pulled back, it settled near the lower Bollinger Band at $3.78 by 12:00 ET. This suggests that the price has exhausted its volatility, and a rebound could be imminent. However, the bearish candlestick pattern and divergent momentum indicators suggest that buyers may struggle to push the price above the mid-Bollinger Band in the near term.

Volume & Turnover

The most significant volume spike occurred between 18:30–20:00 ET, coinciding with the price surge to $4.65 and subsequent correction. The intraday high was supported by a 63,154 MOVR volume, followed by a sharp sell-off with a 182,170 MOVR volume as the price dropped to $3.78. Notional turnover also spiked during these periods, confirming the strength of the price action. However, volume has since declined, which may indicate waning momentum on both sides of the market.

Fibonacci Retracements

Key Fibonacci retracement levels were observed at the 61.8% level of $4.24 and the 38.2% level of $4.09. The price pulled back from the 61.8% level and failed to retest the 38.2% level, reinforcing bearish bias. Looking ahead, a potential bounce from the 23.6% retracement level at $3.95 could trigger a short-term rally, but bearish momentum may persist unless buyers defend the $3.90 level.

Backtest Hypothesis

In practice, this means the data vendor we access doesn’t currently recognize the symbol we submitted (“MOVRUSDT”). This can happen if the pair is listed under a slightly different code in the data source (e.g., “MOVR-USDT”, “MOVRUSDT_BINANCE”, etc.), or if historical price data for that instrument is not available in the vendor’s database. To move forward, we have two options: 1) confirm the exact exchange/symbol convention you’d like to use, or 2) specify a different symbol or asset altogether. Once we have a recognized symbol, I’ll retrieve all Bearish Engulfing pattern dates for that symbol from 1 Jan 2022 to today and build a rule-based backtest.