RIVER has surged more than 15% in the past 24 hours, with its market capitalization returning above $140 million. According to reports from AMBCrypto, this surge coincided with the altcoin season index also rising back above the 40 mark, indicating broader market strength. The price charts show RIVER has been ranging over the past month but has finally broken out after dropping to a year-to-date low of $4.33. After breaching the month-long resistance, RIVER rose to a day's peak of $7.77, though it is currently facing resistance around this level as selling pressure mounts.
Despite facing rejection at the $7.77 resistance level, technical indicators suggest continued buying interest. As reported by AMBCrypto, the MACD bars remained green, indicating buyers are still present, while the Cumulative Volume Delta (CVD) is at 10.77K, meaning more than 10K RIVER tokens were bought at the time of writing. The short liquidation of clusters of positions around $7.20-$7.50 fueled the breakout, with a short squeeze accelerating the uptrend. However, as the price declined from $7.70, clusters of long orders were forming below the resistance level, with the altcoin's ability to maintain its position above $7 being crucial for sustaining the current uptrend.
On-chain data reveals mixed trading sentiment as the rally faces resistance. According to AMBCrypto, sell volume increased by more than 112% to $6,633, while buy volume declined by 86% to $6,645, indicating sellers are beginning to dominate buyers. The number of sales caught up with buys, with sales increasing by 274%, suggesting traders were locking in profits. Additionally, more than 20,189 RIVER tokens were deposited, representing a 4.14% increase during the period, as confirmed by Nansen AI. This increased deposit activity on exchanges indicates traders are taking profits from the breakout momentum.
Token holder data shows 3.7K holders on the ETH network as of early April, according to Token Terminal, with holders remaining flat since then. As reported by AMBCrypto, the data suggests RIVER would remain bullish unless it fails to hold above $7. The selling activity indicates a potential correction may be next, though the extent remains uncertain. The current price action at the breakout level of $7 will determine whether the bullish momentum can be sustained or if a correction to the range or lower levels is inevitable, with the altcoin's ability to maintain its position above this critical resistance level being the key factor for future direction.
