- Raydium has emerged as one of the top gainers, rising by over 9%.
- RAY’s daily trading volume has skyrocketed by more than 512%.
While all the major crypto assets stepped into the red territory, few of them stayed within the green zone. The broader trading pattern in the market fluctuates often. Among the altcoins, Raydium (RAY) has emerged as one of the top gainers in the list, posting a surge of over 9.56%. AERO and JTO are the other performers.
Notably, in the early hours, RAY traded at its downside, reaching a low of $1.95. Upon shifting the momentum, a steady upside correction took place and triggered the price to mount to a high of $2.64. The asset has broken a series of crucial resistances between $2.21 and $2.56.
At the time of writing, Raydium traded within the $2.29 range, with its market cap at $610 million. Besides, the daily trading volume increased by over 512%, reaching $368 million. Furthermore, over the last thirty days, RAY began the week trading at a high of $3.55, and later, the asset has fallen back to its current trading level.
Will Raydium Hold Its Gains or Fade After the Rally?
Raydium’s technical analysis revealed that the Moving Average Convergence Divergence line is above the zero line. Still, the signal line remains below, suggesting a potential bullish crossover in progress. If the MACD continues rising and pulls the signal line up, it may strengthen the bullish trend. In addition, the Chaikin Money Flow (CMF) stands at -0.05, reflecting mild selling pressure and an outflow of capital from the asset, signalling a neutral to slightly bearish outlook.
The four-hour trading window of the asset is moving up toward a sturdy bullish territory. The Raydium price could rise and immediately test the $2.39 resistance. If the upside correction intensifies, the bulls might trigger the emergence of a golden cross, pushing the price toward a high of the $3 mark.
On the flip side, if RAY’s support at $2 fails to hold, the price falls to the nearby support at the $1.93 range. The sustained bearish momentum of the asset could invite the death cross to unfold, and the bears might likely pull the price back to its previous lows.
Furthermore, the asset’s daily relative strength index (RSI) is found at 60.36, signalling moderate bullish sentiment, and further upside potential if the momentum continues. Raydium’s Bull Bear Power (BBP) value of 0.366 points out a mild bullish dominance in the market.
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