River [RIVER] has dropped 17% in 24 hours, falling well below its January peak of $87 and invalidating a potential cup-and-handle breakout. The altcoin is on its sixth consecutive decline, with rising Open Interest indicating traders are heavily shorting. Weak network activity and dominant long liquidations, nearly double the volume of shorts, are contributing to the bearish pressure as price action follows a head-and-shoulder pattern toward the $7.72 level.
The cryptocurrency River [RIVER] has declined sharply, invalidating a potential cup‑and‑handle breakout. Its price is now well below January’s peak of $87 after a 17% drop over 24 hours.
RIVER is on its sixth consecutive red day, confirming the head-and-shoulder pattern on the daily chart. The price is headed toward the $7.72 zone as capital outflows hit oversold levels.
The Money Flow Index (MFI) was at 14.24, indicating extreme sell pressure. Data from CoinGlass shows the OI-Weighted Funding Rate was also negative at 0.0086%.
Open Interest (OI) nearly doubled from $1.46 million to $2.33 million over five days despite the price decline. This surge indicates traders are favoring short positions and using leverage to strengthen them.
Long liquidations have dominated the market over the past four days. At the time of writing, long liquidations totaled $564,000, nearly double the $291,000 recorded for shorts.
These liquidations triggered a long squeeze, intensifying selling pressure. Network activity has also weakened significantly alongside the price decline.
Since early March, the transfer amount dropped from 18,631 to 8,413 RIVER tokens. The transfer count also fell from 962 to 460.
While strong network activity doesn’t always translate into price strength, weak activity tends to worsen bearish conditions. The slowdown in network usage has contributed to the decline in RIVER’s price action.
