After gaining over 15%, Raydium is holding steady near $2.35.
RAY’s 24-hour trading volume has increased by over 59%. The price trajectory of crypto assets remains trapped in a strong bearish grip. Market sentiment appears indecisive due to mixed performance across assets. Defying the trend, Raydium (RAY) has emerged as the top gainer with a 15.03% jump. Raydium has broken through crucial resistances between $2.12 and $2.37. Breaking past the crucial level might kickstart a bull run. The asset opened the day trading at around $2.04. Gradually, RAY’s upside price correction has pushed it to a peak of $2.44.
At press time, Raydium traded within the $2.35 range with its market cap at $682 million. Notably, the asset’s daily trading volume has increased by over 59.81%, reaching $267 million. The asset has gained around 38.37%, and it began the week trading at $1.60. Without falling below this mark, Raydium has steadily maintained the momentum to continue trading at the current trading level.
Will Raydium See a Strong Upside Move?
With RAY’s active upside correction, the price has the potential to mount above the resistance of $2.44. Further gains could lead to the formation of a golden cross, and the awakened potent bulls might initiate a rally to the $3 mark. Contrarily, assuming the support of Raydium fails at $2.22, the price could slip toward the $2 level. The sturdy bears might trigger the asset to trade on the downside, to its former lows after the emergence of the death cross.
RAY chart (Source: TradingView)
RAY’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line. This indicates the bullish crossover. Besides, the asset’s Chaikin Money Flow (CMF) indicator at 0.05 suggests a positive money flow into the asset. In addition, the Bull Bear Power (BBP) reading of 0.151 infers a modest bullish momentum. Raydium’s daily relative strength index (RSI), staying at 66.01, signals that the asset is approaching the overbought zone.
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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