BTCNEARNews

Will RAY Attain Reversal or Drag Below $1?

2 Mins read

Raydium is built on the Solana blockchain, and it is an automated market maker (AMM) that leverages the central order book of the Serum decentralized exchange (DEX) to enable lightning-fast trades, shared liquidity, and new features for earning yields. The RAY token price showcased a retracement and took support from the 50-day EMA.

The RAY price showcased a bullish flag pattern and signaled a positive outlook for the following sessions. However, the ongoing profit booking led to a pause in the bullish rally, and sellers have been covering their positions in the recent sessions. Moreover, the price action shows that the Raydium price will gain momentum only if the price sustains gains above $1.50. Amid the positive market sentiments, the RAY price has recently surged over 280% and delivered a great performance for the past few sessions.

At press time, Raydium (RAY) trades at $1.25 with an intraday gain of 11.84%, showing a pullback on the chart. Moreover, the trading volume increased by 7.60% to $25.17 Million, highlighting investor interest. The pair of RAY/BTC was noted at 0.0000266 BTC, while the market cap is $467.88 Million. Analysts are bullish and suggest that the Raydium price will continue to extend its upward move and may cross $2 soon.

RAY On Daily Charts Displays Bullish Flag Pattern

RAY Price
Source: RAY/USD Chart By TradingView

On the daily charts, the RAY price showcased an uptrend and glimpsed a healthy retracement. It may continue to make good gains amidst the rally in the crypto market and among its peers. Moreover, the technical indicators are also pointing to a buy signal and suggest that the RAY token may soar anytime and may breach its swing high of $2 soon.

The relative strength index (RSI) curve stays close to the midline and showcases a positive divergence, suggesting an upward move for the following sessions. The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting that the bullish moves will carry forward soon and the RAY token will continue to deliver a great performance.

Weekly Charts Shows Rejection From 100 Day EMA

RAY Price
Source: RAY/USD Chart By TradingView

On the weekly charts, the Raydium token has gained a buying interest and soared over 500%. Additionally, the token underwent a correction and led a sharp comeback, gaining investor interest. Furthermore, the technicals are signaling the dominance of the bulls and buyers will continue to showcase their strength and will lift the price of RAY as high as possible.

Summary

The Raydium (RAY) price is showcasing a retracement and is pausing gains near the 50-day EMA, displaying a bullish flag formation. However, the trend is intact, and buyers will continue to uplift the gains and they are setting their eyes on breaching the $2 resistance level soon.

Technical Levels

Support Levels:  $1.00 and $0.90

Resistance Levels:  $1.50 and $2

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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