Moonriver/Tether (MOVRUSDT) Market Overview

• MOVRUSDT closed above 5.900 at 12:00 ET after testing key support and resistance levels.
• Rising volume and price divergence indicate growing bullish momentum in late-night trading.
• A bullish breakout from a descending wedge pattern suggests continuation above 5.900.
• RSI remains in overbought territory, signaling caution for potential short-term profit-taking.
• Strongest price action occurred between 04:00–06:00 ET with a 5.900–5.970 range breakout.

Moonriver/Tether (MOVRUSDT) opened at 5.847 on 2025-09-14 at 12:00 ET and reached a high of 5.977 before closing at 5.977 at 12:00 ET. Total volume was 77,687.071 and total turnover amounted to $463,680.50. Price action over the last 24 hours reflected a volatile but generally bullish trend.

Structure & Formations

Price tested a key support level at 5.880 and bounced, forming a bullish reversal pattern. A descending wedge became apparent from the 5.910–5.880 range and was confirmed with a breakout above 5.900 on increased volume. A long upper wick near the 5.970 level suggests rejection, while a strong green candle at 5.947–5.977 implies bullish conviction.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were crossed during the early morning surge, suggesting a shift in short-term momentum. The daily chart showed the 50-period and 100-period moving averages converging near 5.890, aligning with a possible consolidation area before the recent upward move.

MACD & RSI

MACD showed a bullish crossover in the early morning hours, supporting the recent bullish breakout. RSI remained in overbought territory for much of the session, especially after the 5.970 high, indicating a potential pullback may be due. However, RSI divergence was not pronounced, suggesting buyers remain in control.

Bollinger Bands

Price remained outside the upper Bollinger Band for several hours after the 5.970 high, signaling elevated volatility. The channel widened significantly during the late-night rally, indicating a period of breakout trading. Volatility has since compressed slightly, but prices remain above the 20-period moving average, reinforcing bullish sentiment.

Volume & Turnover

Volume surged during the 04:00–06:00 ET window, coinciding with the breakout from the wedge pattern. Notional turnover also spiked during this period, reaching a peak of nearly $13,000 in one 15-minute bar. Price and volume aligned positively, supporting the breakout. However, volume declined slightly after the 5.977 peak, suggesting a potential pause in bullish momentum.

Fibonacci Retracements

A major 61.8% Fibonacci retracement level at 5.900 served as a critical support area, which was tested and bounced. On the daily chart, retracement levels suggest 5.940 and 5.980 as next potential resistance targets. The recent high at 5.977 aligns closely with the 61.8% retracement of a larger upward move from the 5.840 low, indicating a possible continuation.

Backtest Hypothesis

Based on the technical signals observed—particularly the bullish wedge breakout, volume confirmation, and MACD crossover—a potential backtest strategy could focus on entering long positions on a close above 5.900 with a stop-loss placed below 5.880. Targets would align with the next Fibonacci resistance at 5.940 and 5.980. This strategy would aim to capture a continuation of the bullish trend, leveraging high-probability setups where price, volume, and momentum indicators align.