Raydium crypto: What key datasets say about a move to $2.8
The breakout beyond $2 was accompanied by steady buying pressure, and RAY bulls could drive prices toward $2.8 next.
- The long-term outlook for Raydium was bearish, and the November rally might not be immediately replicated.
- Raydium bulls can be optimistic about a rally to $2.8 after the breakout past $2.
Raydium [RAY] was up 12.3% in the past 24 hours, and its daily trading volume was up nearly 50%. The Open Interest (OI) behind the token has surged by 62% in 24 hours.
The trading volume and OI increase hinted at strong faith from RAY bulls in an uptrend.
Technical analysis showed that the breakout above $2 was significant. It could be followed by an uptrend, provided Bitcoin [BTC] does not slide lower in the coming days.
Has Raydium crypto ended its consolidation phase?
The 3-day chart signals the emergence of a faint bullish structure, with Raydium surpassing the $2 resistance after six weeks of consolidation.
Despite this breakout, key resistances lie ahead, marked by Fibonacci retracement levels based on RAY’s October 2024 rally to $6.5. However, since mid-January, RAY has been in decline, erasing gains from the past six months.
While bulls seem poised for another rally, market sentiment remains uncertain and fearful, potentially slowing upward momentum. According to the 3-day indicators, an uptrend was still far away.
The Awesome Oscillator was well below the zero line, signaling that the momentum was still bearish. The CMF’s value of -0.24 highlighted capital outflows from RAY markets in the higher timeframes.
The A/D indicator saw an uptick in April but hasn’t established an uptrend either.
While the 3-day indicators showed sellers were dominant, the 12-hour chart, which is quicker to react to changes due to being a lower timeframe, showed that bulls had the upper hand at press time.
The breakout past $2 was accompanied by a bullish crossover on the Awesome Oscillator. The CMF also jumped past +0.05 a week ago to indicate steady buying pressure. The A/D indicator also reflected demand for Raydium crypto.
Putting the clues together, it appeared likely that RAY could advance as high as $2.8-$3. The $2.8 level was the next swing point for the price to beat.
The $2.4 level offered some resistance in late February and could oppose the bulls once more.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
