The cost of Raydium (RAY) drops to $0.7 against Tether (USDT) from its all-time high of $15 as it eyes to bounce from its low. Raydium (RAY), despite the rebound across many crypto assets, has been dormant at the all-time lowest price. Data from Binance
Weekly Chart: Raydium (RAY), Price Analysis
After seeing rejections in areas of resistance, the price of RAY fell to $0.7.
RAY has been showing very few bullish moves in the weekly charts, suggesting that there could be a major bullish trend soon. With bulls buying RAY at this valued price, we could see the price going to $3.5, acting as the next significant resistance for RAY’s price.
In the absence of buy orders, the RAY price could be between $0.55 and $0.7. These are the support prices.
If RAY prices remain at their current levels, it could be possible to retest the resistance around $2.5-$3.5. This will depend on whether there are any buy volumes.
Weekly resistance for the price of RAY – $0.25-$0.35.
Weekly support for the price of RAY – $0.55-$0.7.
Prices Analysis of RAY on the Daily (1D), Chart
RAY reached $0.6 on its daily lowest and bounced quickly off of the region where it was forming good support. RAY’s price moved to a region of $0.7 but could not sustain its movement as it continued to range.
Despite displaying a tremendous momentum sign RAY is trading $0.714 lower than the 50 and the 200 Exponential Moving averages (EMA). This resistance acts as resistance for RAY to rise higher.
These 50 and 200 EMA represent prices of $0.8 & $2.2, respectively. For RAY to move higher, RAY must pass this region which serves as resistance to RAY prices.
Breaking and closing above the 50-day moving mean would signal a temporary relief bounce. A close above 200 day moving mean that the trend is reversing to the upside.
The resistance level at $0.8 may be broken by RAY, and the price could fall to $0.6 for accumulation.
Daily (1D) resistance for RAY price – $0.8, $2.2.
Daily (1D) support for RAY price – $0.6.
Pricing Analysis of RAY on the Four-Hourly (4H), Chart
Price of RAY continues to be bullish on the 4H Chart, staying above support at $0.7, which corresponds with the 50 EMA on 4H Chart, and more buy orders.
RAY showed a bullish divergence as the 4H charts indicated. The price was too high and we could see RAY moving to resistance at $0.8.
Relative Strength Index for RAY (RSI for RAY) is higher than 60 on the 4H Chart, which indicates good buy volume to RAY price.
Four-Hourly (4H) resistance for RAY price – $0.8.
Four-Hourly (4H) support for RAY price – $0.68.
Featured image from Coingape. Charts from TradingView.com