The cryptocurrency market saw significant price action in two altcoins, River (RIVER) and Chiliz (CHZ), as both tokens posted double-digit gains and exhibited key technical developments.
River (RIVER) climbed 14.15% in 24 hours to $15.73, with its trading volume reaching $44.64 million, signaling renewed market activity. The move followed weeks of consolidation. Price action has formed a cup-and-handle pattern on the 4-hour chart, with the structure approaching a major resistance zone between $16.59 and $20. This area aligns with the pattern's neckline, and a sustained breakout could target the $20 level. Technical indicators show stabilization; the Relative Strength Index (RSI) is near 46, indicating cooling bullish momentum, while Parabolic SAR dots above the price suggest short-term corrective pressure.
Derivatives markets for RIVER showed heightened activity, with Open Interest surging 39.20% to approximately $117.89 million, reflecting strong speculative engagement. This leverage expansion amplifies short-term volatility. Recent liquidation data revealed about $378.65K in long liquidations versus $314.86K in short liquidations, indicating a flush of overleveraged long positions near resistance, which could help reset excessive leverage.
Chiliz (CHZ) jumped over 10% to $0.038, with its 24-hour trading volume soaring 89.95% to $88.73 million, pushing its market cap to $393.19M. The rally marked a technical breakout, with CHZ breaking above its descending regression trend channel that had guided its decline since early January. The immediate resistance is at $0.038, with the next key barrier at $0.045. The RSI has climbed to 51.52, rising above its moving average, signaling strengthening buyer participation, and Parabolic SAR dots have shifted below the price, indicating a potential trend reversal.
Despite the price recovery, order-flow data presents a divergence. The Spot Taker Cumulative Volume Delta (CVD) remains sell-dominant, suggesting aggressive market selling persists even as the price climbs, indicating underlying distribution or absorption by limit buyers. However, positioning data from Binance reveals a strong bullish bias among top traders, with long positions accounting for 64.03% of positions (a Long/Short Ratio of 1.78), reflecting expectations for further upside.
