Moonbeam Launches Moonrise Initiative

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: May 21 2024

MOVR-3.203%

X+14.4800005%

AXL-1.709%

Should l Buy MOVR?

Moonrise Initiative: Moonbeam launches Moonrise initiative to enhance network capabilities through a brand redesign and product roadmap for 2024.
Pioneering Web3 Integration: Moonbeam focuses on integrating Ethereum's Dencun update, optimizing governance mechanisms, and revitalizing the Moonriver canary network through Axelar bridging.
Core Protocol Enhancement: Moonrise introduces an eightfold increase in throughput to the Moonbeam chain, improving efficiency and scalability significantly.
Async Backing: Moonbeam plans to implement Async Backing for optimized validation of parachain blocks, leading to increased block size, higher throughput, and faster block times.
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Technical Analysis for MOVR

Technical Sentiment Analysis for Moonriver (MOVR) As of , Moonriver (MOVR) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for MOVR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, MOVR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Moonriver (MOVR) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.416	0.865	1.296	1.745	2.176	2.625	3.056
Fibonacci	0.865	1.201	1.409	1.745	2.081	2.289	2.625

About MOVR

Moonriver is an Ethereum-compatible, smart-contract parachain on Kusama. It is intended to be a companion network to Moonbeam, where it will provide a permanently incentivized canary network. New code will ship to Moonriver first, where it can be tested and verified under real economic conditions. Once proven, the same code will ship to Moonbeam on Polkadot.It does this by providing a full EVM implementation, a Web3-compatible API, and bridges that connect Moonriver to existing Ethereum networks.This allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonriver with minimal changes.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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