- Raydium’s long -term prospects were lower and the November rally may not be reproduced immediately.
- Raydium Bulls can be optimistic about a $ 2.8 rally after $ 2 break.
Raydium (Ray) increased by 12.3% in the last 24 hours, and its daily trading volume increased by almost 50%. The open interest (OI) behind the token jumped 62% in 24 hours.
The commercial volume and the increase in the OC have referred to the strong faith of Ray Bulls in an upward trend.
Technical analysis has shown that $ 2 escape was significant. It could be followed by an upward trend, provided that Bitcoin (BTC) does not slip lower in the coming days.
Did Raydium Crypto finish his consolidation phase?
Source: Ray / USDT on tradingView
The 3 -day graph indicates the emergence of a low bullish structure, Raydium exceeding the resistance of $ 2 after six weeks of consolidation.
Despite this escape, the key resistances are in advance, marked by Fibonacci trace levels based on the October 2024 rally at $ 6.5. However, since mid-January, Ray has been declining, erasing the gains of the last six months.
While the bulls seem ready for another rally, the feeling of the market remains uncertain and frightening, potentially slowing the momentum upwards. According to the 3 -day indicators, an upward trend was still far away.
The brilliant oscillator was well below the zero line, indicating that the momentum was always lower. The value of the CMF of -0.24 highlighted the capital outputs of the rays markets within the highest deadlines.
The A / D indicator saw an increase in April but has not established an upward trend either.
Source: Ray / USDT on tradingView
While the 3 -day indicators have shown that the sellers were dominant, the 12 -hour table, which is faster to react to the changes due to the lower period, showed that the bulls had the upper hand at the time of the press.
The escape in front of $ 2 was accompanied by a bullish crossover on the impressive oscillator. The CMF also jumped beyond +0.05 a week ago to indicate a constant purchase pressure. The A / D indicator also reflected the request for Crypto Raydium.
By bringing together the clues, it probably seemed that Ray could progress up to $ 2.8 to $ 3. The $ 2.8 level was the next swing point for the price to beat.
The level of $ 2.4 offered some resistance at the end of February and could again oppose the Bulls.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
