Can RIVER crypto target $23 next amid 20% daily surge?

River [RIVER]  has climbed 20% in 24 hours, clocking in positive factors for the second consecutive day. The altcoin rallied to a excessive of $86 within the first month of the yr from a low of $3. Nevertheless, it has since declined to those lows however has rebounded to $19, at press time.

Extra stablecoin partnerships, such because the crvUSD one, have pushed the rebound up to now two days. The stablecoin might be swapped at a 1:1 ratio with River’s satUSD.

Moreover, there was a market-wide surge in tokens related to the stablecoin narrative. Aside from RIVER crypto, Steady (STABLE) additionally had related positive factors the day prior to this.

Moreover, the token’s liquidity was rising following the launch of the RIVER/USDT pool on PancakeSwap.

These fundamentals propelled the crypto and maintained its rally momentum.

RIVER crypto eyeing the $23 goal

On the hourly charts, RIVER crypto consolidated in a triangle sample for a few week. The contraction of the sample led to a breakout that confirmed the bullish bias with a retest on the $12.66 degree.

Ever since, RIVER has been buying and selling towards $23 because it bounces off the ascending trendline help. This was evident from the Development Energy Index (TSI) at 0.86, which was only some factors away from hitting the utmost degree.

Moreover, the sentiment studying was at 93%. This indicated that individuals have been actively mentioning and interesting with the token. Nevertheless, the neighborhood’s bullish expectations have been at 57% as per CoinMarketCap.

Supply: RIVER/USDT on TradingView

The transfer towards $23 appeared doable, however breaking previous that degree relied on the rally’s energy. To get there, bulls first wanted to clear $20, a threshold the place bears reacted shortly and aggressively, as proven by the candle wick.

Aside from the technical outlook, dealer habits was additionally vital.

Shorts are seeing an extended day! 

The continuation of the breakout was hurtful for the sellers. Based on CoinGlass, roughly $3 million briefly positions have been liquidated in the course of the rally. In that spirit, very minimal liquidity fashioned above $19 at press time.

On the identical time, lengthy positions have been constructing behind each swing low. The bottom and most vital liquidity degree with longs in the course of the day was at $16. The opposite key degree above it was $17.

Supply: CoinGlass

Capital influx surges

The information confirmed that merchants have been regularly placing in longs. This was confirmed by the Lengthy/Brief ratio, which was above 1 as of writing. Merchants have been shopping for massively on Binance, OKX, and Bybit.

The quantity heatmap revealed that almost all of it got here from futures buying and selling, with Binance accounting for $806 million whereas OKX had $612 million. Futures web flows in 12 hours have been at $8.37 million, whereas spot flows have been solely $100K.

Supply: CoinGlass

Nevertheless, this cautioned that the rally might be leverage-driven. Such a state of affairs wouldn’t be lasting, particularly if there’s overleveraging. Thus, merchants must be cautious of the $20 and $23 ranges.

Remaining Ideas

• RIVER is up 20%, pushed by partnerships, the stablecoin narrative, and worth breakout.
• RIVER eyes the $23 degree however faces a hurdle on the $20 degree.