- Raydium has emerged as the top gainer, surging by more than 18%.
- RAY is currently trading in the $7.78 range.
While crypto assets displayed a mix of green and red across the board, analysts observed promising trading patterns. Among the altcoins, Raydium (RAY) emerged as the top performer, surging by over 18.31%
RAY’s upside correction triggered it to visit a high of $7.75. In the early hours, the asset traded at the lowest price of $6.29. At the time of writing, the asset traded at $7.78, with its daily trading volume resting at $399 million. A further break above might propel a bullish rally.
Notably, the asset has formed a bullish pattern over the last thirty days with a gain above 75%. The rally has positioned Raydium in a strong position with no signs of slowing down aligning with RAY’s weekly gain of over 53%.
The asset began the week trading at $4.87, and without a fall below that mark, Raydium continued to gain momentum and reached the current trading level.
Is RAY’s Price Surge Sustainable?
RAY’s Moving Average Convergence Divergence (MACD) line is positioned above the signal line. This crossover indicates that the upward momentum is beginning to build and potentially signalling a buying opportunity in the market.
Besides, the Chaikin Money Flow (CMF) indicator is 0.09, suggesting a positive money flow. Raydium’s buying pressure slightly outweighs its selling pressure. Meanwhile, the asset’s trading volume has dropped by 3.96%.
The asset’s four-hour trading window looks bullish. If the upside correction intensifies, the Raydium price could break above the $8 resistance. The extended bullish momentum might kickstart a strong rally toward a high of $10 or above.
In contrast, if the support at $7 fails to hold, the Raydium price could experience intense selling pressure and might plummet toward the $6.72 mark. The sustained bearish momentum might push the asset’s price down to its former lows.
Moreover, the 24-hour chart displays the short-term 9-day moving average above the long-term 21-day moving average. Besides, Raydium’s daily relative strength index (RSI) is stationed at 59.80. The asset has enough room to move higher before entering the overbought zone.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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