Market Overview: Moonriver/Tether (MOVRUSDT) – 24-Hour Action

Summary
• Price dropped from $2.554 to $2.447 on high-volume bearish pressure.
• Strong support emerged near $2.44–$2.45, with a bearish engulfing pattern.
• RSI signaled oversold conditions, while MACD remained bearish with no signs of reversal.
• Volatility expanded during the sell-off, with Bollinger Bands widening.
• Notional turnover peaked at $9,263 at $2.47 before a sharp correction.

Market Overview

Moonriver/Tether (MOVRUSDT) opened at $2.545 on 2025-12-28 at 12:00 ET and closed at $2.447 on 2025-12-29 at 12:00 ET. The 24-hour high reached $2.554, while the low touched $2.427. Total volume amounted to 51,275.69 USDT, and notional turnover was $31,089.

Structure & Formations

MOVRUSDT tested the $2.55 resistance level briefly before a sharp drop to $2.447. A bearish engulfing pattern formed around $2.50–$2.495, signaling bearish continuation. A potential support zone emerged at $2.44–$2.45, where price found a temporary floor.

Moving Averages and Momentum

On the 5-minute chart, price closed below the 20- and 50-period moving averages, reinforcing the bearish bias. The MACD remained in negative territory with a bearish crossover, while RSI hit oversold levels near 25, suggesting possible short-term stabilization but not a reversal.

Volatility and Bollinger Bands

Volatility expanded significantly during the sell-off, with Bollinger Bands widening to reflect increased uncertainty. Price briefly touched the upper band near $2.554 and then dropped below the lower band at $2.447, indicating a potential exhaustion of selling pressure near $2.44–$2.45.

Volume and Turnover

Volume surged during the selloff, particularly around the $2.50–$2.47 range, with the largest single 5-minute turnover spike at $9,263 at $2.47. Notional turnover remained aligned with price movement, confirming the bearish bias.

Fibonacci Retracements

A key 61.8% Fibonacci retracement level at $2.454 was briefly tested before a breakdown to $2.447, suggesting bears are in control. A potential bounce from this level could test the 50% retracement at $2.48.

Over the next 24 hours, MOVRUSDT may consolidate near $2.44–$2.45 before testing $2.48. However, traders should remain cautious as the overall trend remains bearish, and a break below $2.427 could reignite further downside.