🔻RIVER tanks 32% in 24 hours, but are more losses ahead?
Selling pressure on River (RIVER) has intensified following the breakdown of a major support level at $11.20. After a 32% drop, the altcoin printed its second consecutive red candle on the daily chart, with its price action suggesting that the press time level might be a make-or-break zone for the crypto.
On 18 February, RIVER lost over 32% of its value in just 24 hours, with the altcoin trading at $8.51 at press time. Despite the sustained price decline, market participants have shown strong interest in the asset though. This can be evidenced by the trading volume surging by more than 110% to $90.95 million.
RIVER’s price action eyes $8.25-level
On the daily charts, RIVER’s price seemed to be taking support at the key level of $8.25.
Based on its previous performances, when the altcoin previously broke below the $11.20 support, it saw a sharp decline of over 35%. If RIVER breaks this support again, it could see another heavy fall in the coming days. Especially since there appeared to be no clear support near this level.
The bearish thesis would only be validated if RIVER closes a daily candle below the $8.25-level. If that happens, the altcoin could record a further downside move of around 48% in the coming days. However, if the price holds above this key support, a recovery might follow.
Meanwhile, amid this uncertainty, a crypto expert is predicting that RIVER’s price could continue its downward momentum and even hit the $7.50-level.
