RIVER Update: Is the Bottom Finally In? đ
Looking at the current $RIVER
chart on the 1D timeframe, we are seeing a massive correction from its peak of $106.99. The token is currently trading at $8.19, showing a heavy drawdown.
Technical Breakdown:
Oversold RSI: The RSI(6) is currently at 29.43. This indicates that the asset is deep in the oversold territory, which often suggests a potential bounce or a "relief rally" could be near.
Moving Averages: The price is trading significantly below the EMA(7), EMA(25), and EMA(99). This confirms a strong bearish trend where the EMA(7) at $9.93 is acting as the immediate resistance.
Support & Resistance: We are seeing a consolidation attempt near the $8.00 psychological level. If it fails to hold here, the next support might be much lower.
Trading Sentiment:
Is it the right time to buy? Currently, the market is "catching a falling knife." While the price looks cheap compared to its highs, it is safer to wait for a bullish reversal candle or a crossover of the EMA(7) before entering a long position.
Patience is key in this market! Always manage your risk and never invest more than you can afford to lose.
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