RIVER's recent decline from 31.473 down to 16.90 looks quite fierce. To put it simply, it's the panic selling by those who chased the high earlier, triggered by a chain reaction of concentrated stop-loss sales — a classic case of a "longs killing longs" scenario.

From a capital perspective, the situation is actually quite interesting. Despite the sharp drop in price, the total holdings have slightly increased. However, the problem is that the newcomers are mainly small retail investors and medium-sized funds trying to bottom fish. As soon as they see the order book turn green again, they rush to exit. The main institutional funds? There’s no obvious sign of absorption at all. Active sell orders have consistently outweighed active buy orders, and the selling pressure simply can't be fully released.

On the technical side, it’s even more straightforward. On the hourly chart, the MACD has formed a death cross at high levels and has been trending downward. The price has broken through all short-term moving averages, and during the decline, the trading volume remains quite fierce, indicating strong selling desire in the market. When it hit the 16.90 level, there was a slight rebound, but the volume clearly shrank. This kind of rebound without volume support can’t form a meaningful reversal. If this support level is broken again, it’s highly likely that the price will continue to decline further.

Ultimately, RIVER is currently in a weak phase after panic-driven sell-offs. With no new capital entering and no volume support, short-term rebounds are hardly to be expected.