The cryptocurrency RIVER has surged over 12% in the past 24 hours, extending its weekly gains to 81%. This rally coincides with bullish sentiment among top traders on major exchanges and a tight circulating supply of just 19.6 million tokens. Analysts are now watching to see if this price action will fully invalidate a previously confirmed bearish reversal pattern.
The altcoin RIVER rallied more than 12% in 24 hours, putting its weekly gains at 81%. Its market capitalization stood at $279 million with a daily trading volume of $36 million.
The Fully Diluted Value of the asset stands at $1.42 billion. Its maximum supply is capped at 100 million tokens, with a current circulating supply of only 19.6 million.
The number of holders was nearly 50,000, indicating long-term interest. The Long/Short Accounts Ratio was bullish on exchanges like Binance and OKX, with readings of 1.81 and 1.47 respectively.
The OI-Weighted Funding Rate turned positive and has remained so, meaning bulls are paying shorts to keep orders open. Top trader data indicated the informed lot was also inclined toward being bullish.
The price action showed RIVER had confirmed a head-and-shoulders pattern after breaking below the neckline at $12.45. After dropping to $8.33, it consolidated and has since traded back above that neckline.
The price needs to break past the second shoulder’s high at $22.54 to confirm the pattern’s invalidation. Otherwise, the move could be a failed retest or fakeout.
The Choppiness Index reading was 46 and reversing lower from the neutral level, suggesting trend strength was increasing. The MACD indicator showed bulls were overpowering bears on the daily chart.
