The RIVER cryptocurrency has gained over 100% YTD, with the strongest upside seen in January.
The token lapsed into downward correction in February, before turning higher again in March.
The price action has now rallied over 85% from its recent lows.
Crypto analysts point to the March 22 token unlock as the key event ahead, which is expected to release 1.11 mn coins into circulation, or 2.4% of total supply.
As a result, tokens worth around USD 25.5 mn will be allocated to the project’s ecosystem fund.
Experts have voiced varied views on how this event will impact price momentum.
In a nutshell, heightened volatility can be expected going forward, with a corrective move likely as well.
Technically, the weekly chart shows RIVER hitting and breaking through the Fibonacci retracement level at USD 26.1, although the bulls still need to secure a foothold at higher levels.
Under this scenario, the next upside target would be USD 37.9 where the 38.2% Fibonacci line lies.
On the daily chart, the regression channel is trending upward, with the price currently hovering on both sides of the regression line.
While mildly positive sentiment predominates for the time being, a pullback could still be in the cards.
If the bears regain command in the near term, interim support may shape up at USD 21.8 and then near USD 12.5.