Market Overview for Moonriver/Tether (MOVRUSDT)

Summary
• MOVRUSDT formed a bullish engulfing pattern near $2.860, suggesting potential reversal.
• Price tested key support at $2.86–2.87 and rebounded, confirming short-term resilience.
• RSI hit oversold levels at 29, indicating potential for a near-term rebound.
• Bollinger Bands narrowed between $2.84 and $2.87, signaling possible volatility expansion.
• Turnover spiked during the $2.91–$3.01 range, showing increased buying pressure.

Moonriver/Tether (MOVRUSDT) opened at $2.897 on 2025-12-11 12:00 ET, reached a high of $3.031, a low of $2.841, and closed at $2.850 on 2025-12-12 12:00 ET. Total volume for the 24-hour period was 96,292.91 MOVR, with notional turnover amounting to $259,104.30.

Structure & Formations

Price tested the $2.86–2.87 support zone multiple times, with a bullish engulfing pattern forming at $2.841–$2.850. This suggests a short-term reversal could be in play. A key resistance level appears to have developed around $2.980–3.005, where the asset encountered selling pressure for much of the day.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages show a recent crossover, indicating a potential shift in short-term momentum. The 200-period moving average remains below the current price, suggesting a bearish bias over the long term.

MACD & RSI

The RSI reached oversold territory (29) near $2.841, signaling possible short-term buying pressure. The MACD histogram showed divergence during the $2.87–$2.91 range, hinting at weakening momentum in that zone. Both indicators suggest a potential for a pullback after the recent decline.

Bollinger Bands

The Bollinger Bands contracted between $2.84 and $2.87 before expanding, pointing to a possible breakout. Price remained within the upper and lower bands for most of the day, showing bounded volatility.

Volume & Turnover

Volume and turnover spiked between $2.91 and $3.01, confirming the strength of buying pressure during that rally. However, volume dropped significantly after the $3.01 peak, suggesting limited follow-through. The divergence between price and volume may hint at a bearish reversal in the short term.

Fibonacci Retracements

Fibonacci levels drawn from the recent $2.84–$3.03 swing suggest the $2.91–2.94 and $2.86–2.87 levels were key retracement points. Price bounced off the 61.8% retracement level ($2.86), indicating strong near-term support.

Looking ahead, MOVRUSDT may test the $2.86–2.87 support zone again in the next 24 hours, with a possible rebound if buyers re-enter. However, a breakdown below $2.84 could signal a deeper correction toward $2.80. Investors should remain cautious and watch for divergences between price and volume.