Raydium climbs past 6%, trading around the $1 mark.
RAY’s trading volume has soared by over 88%. While crypto assets oscillated between gains and losses, the overall market mood was indecisive. In this mixed performance, there was an upward push from Raydium (RAY), which landed in the second position of the top gainers with an increase of 6%. In the early hours, the asset traded at $1.77 and slipped to the lowest price of $1.73. Later, RAY’s upside trajectory has triggered it to reach a high of $1.91. At the time of writing, Raydium traded at $1.87, with its daily trading volume reaching $69.61 million. Notably, the asset began the week trading at $2.10, losing around 10%. Raydium has steadily lost its momentum and hit its weekly low at $1.65 and continued to trade downside.
Is Raydium Poised for a Breakout or a Correction?
Raydium’s Moving Average Convergence Divergence (MACD) line is above the zero line, but the signal line is still below it, which indicates a lingering weakness or a recent bearish phase.
RAY chart (Source: TradingView)
The Chaikin Money Flow (CMF) indicator at 0.20 suggests a positive money flow. If it continues rising, it could confirm an uptrend. Meanwhile, the asset’s trading volume has increased by 88.05%. Moreover, if RAY’s upside correction intensifies, the price could break above the $2 resistance. In case of the formation of a golden cross, the bulls might kickstart a potent rally toward $4 or above. Conversely, if Raydium’s support at $1.92 fails to hold, the price could plummet toward the $1 range. The sustained bearish pressure might push the asset’s price down to its established lows. In addition, the Bull Bear Power (BBP) value of 0.135 indicates that bulls have a slight edge over bears. Besides, Raydium’s daily relative strength index (RSI) is found at 60.43, signalling moderate bullish momentum.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. The NewsCrypto team encourages all to do their own research before investing.
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