River [RIVER] continued its steady bullish advance over the weekend.
While Bitcoin [BTC] slumped below $90k and lost 2.87% in the past 24 hours, RIVER has rallied 21.37% on the 25th of January, with a respectable 23.2% increase in Open Interest in the same period.
Last week, AMBCrypto noted that some of the token’s gains could be attributed to the spot listing on the South Korean exchange Coinone. Arthur Hayes had backed the token to reach $100, and RIVER bulls looked intent on achieving it.
On Friday, the 23rd of January, the price reached a high of $67.56, but stumbled, falling to a low of $30.5 just hours later. Since this deep retracement, the bulls have hardly missed a beat, reclaiming the $67.5 high once more.
RIVER bulls shrug off warning signs
AMBCrypto earlier reported that the onchain analytics, according to Etherscan, were inconsistent. One possible explanation is that a lot of the chain abstraction protocol’s activity occurs on Layer 2s.
The selling pressure from token unlock on the 22nd of January was absorbed. The rise of this kind of demand was a strong bullish sign.
CoinGlass warned traders in a post on X last Wednesday, on the 21st of January, that the futures volume was 80x the spot volume back then.
While it was prudent advice, RIVER is still up roughly 70% since then.
In other news, TRON [TRX] founder Justin Sun has committed $8 million in a strategic investment in the DeFi Protocol. This capital supports the integration of TRON and the deployment of River’s chain abstraction stablecoin infrastructure, as read in River’s announcement.
Source: RIVER/USDT on TradingView
On the price charts, the bull engine was chugging along just fine. The Bitcoin dip to $86.2k, which triggered $676 million in liquidations across the market, has not affected RIVER much.
Using the previous week’s swing move to $69.9, Fibonacci extension levels were plotted. They showed that $82.59 and $103.15 were the next bullish price targets.
Final Thoughts
- The River rally has been unstoppable, and the high derivatives volume meant traders should be extremely careful.
- Justin Sun’s $8 million strategic investment and Arthur Hayes’ $100 prediction buoyed the bulls.
Source: https://ambcrypto.com/assessing-rivers-21-rally-after-justin-suns-8mln-infrastructure-boost/
