- The cup and handle motif reported an increased break when Ray tested the crucial resistance at $ 8.
- Market indicators have shown strong dynamics, but Ray must hold key levels to maintain the upward trend.
Raydium (Ray) recorded a sharp increase of 15% in the last 24 hours, pushing its price to $ 7.50, at the time of the press. This bullish momentum follows a model of cup and hand, signaling a potential break.
However, the resistance level of $ 8 remains a key barrier which must be broken for new gains. Therefore, traders closely watch if Ray can maintain this upward trend or face rejection.
Ray price action shows a bullish breakup configuration
Ray formed a cup and sleeve motif, generally a continuation signal. The price has regularly recovered from its recent drop, pushing around $ 8.01, the major resistance level.
If buyers maintain control, an escape around $ 9.00 could occur, which leads to a new bullish dynamic. However, non-compliance with $ 8.01 can start a decline to $ 7.20, where short-term support is.
Source: tradingView
Do active addresses support the Raydium rally?
The chain data show that daily active addresses have increased to 12, suggesting an increase in market engagement.
Although fluctuations occur, regular growth in active addresses is generally a bull sign, reflecting higher use of the network.
If this continues to increase, it could indicate a stronger demand for Ray, supporting the appreciation of additional prices. However, any sudden drop in active addresses could suggest weakening interest.
Source: Santiment
Technical indicators confirm the bullish momentum
Momentum indicators suggest increasing up, with the relative force index (RSI) at 58.64, indicating a strong but not too hidden market.
In addition, the 9 -day mobile average (MA) at 6.87 crossed the MA from 21 days to 6.82, which points to a bullish crossover.
These indicators strengthen the formation of cup and sleeve, supporting the case for an ascending break. However, if RSI exceeds 70, the market could become exaggerated, leading to a short -term correction.
Source: tradingView
The NVT report refers to a possible recharge
Although the price action remains strong, the NVT ratio fell to 1.15, reporting a higher transaction activity compared to market capitalization.
Although a weaker NVT report generally indicates healthy use of the network, net reductions can also suggest potential volatility.
If the sales pressure increases, Ray could return briefly to $ 7.20 before trying another escape. However, stable transaction volumes could help support the rally.
Source: Santiment
Conclusion: Will Raydium exceed $ 8?
Ray has a strong bullish dynamic, with an increased active addresses, a positive RSI and an average crossing of the mobile average. However, the level of resistance of $ 8.01 remains a major obstacle.
Read the Raydium price forecast (RAY) 2024-2025
If buyers go through, $ 9.00 could be the next target. But, if the resistance is valid, a retracement at $ 7.20 is likely before another attempted rupture.
