Raydium Springs Up From Underwater, Could This Be A Ray Of Hope?

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

Source: RAYUSDT on Tradingview.com| Source: RAYUSDT On Tradingview.com

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

Source: RAYUSDT on Tradingview.com| Source: RAYUSDT On Tradingview.com

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 


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