Raydium Springs Up From Underwater, Could This Be A Ray Of Hope?
The price 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. Despite the relief bounce across most crypto assets, the price of Raydium (RAY) has continued to remain dormant at its all-time low. (Data from Binance)
Raydium (RAY) Price Analysis On The Weekly Chart
The price of RAY crashed to its low of $0.7 by over 95% from a high of $15 after seeing several rejections from areas of resistance.
RAY has shown little bullish moves on the weekly chart, as this could suggest a bullish move could happen in no distant time. 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.
If there are no buy orders, we could see the price of RAY range between the values of $0.55-$0.7 as these prices act as support areas.
If the price of RAY maintains its current structure, we could retest the resistance at $2.5-$3.5, depending on the buy volume orders.
Weekly resistance for the price of RAY – $0.25-$0.35.
Weekly support for the price of RAY – $0.55-$0.7.
Price Analysis Of RAY On The Daily (1D) Chart
The price of RAY found its daily low at $0.6 and quickly bounced off the area where it has formed good support. RAY’s price moved to a region of $0.7 but could not sustain its movement as it continued to range.
Despite showing a great momentum sign, RAY is trading at $0.714 below the 50 and 200 Exponential Moving Averages (EMA), acting as resistance for the price of RAY to break higher.
The 50 and 200 EMA correspond to prices of $0.8 and $2.2, respectively; for RAY to trend higher, it must break through this region, which acts as resistance for RAY prices.
A break and close above the 50-day moving average would indicate a short-term relief bounce, while a close above the 200-day moving average would indicate a downtrend reversal to the upside of the current bearish trend.
If the price of RAY fails to break the resistance at $0.8, it may fall to the lower region for price accumulation at $0.6.
Daily (1D) resistance for RAY price – $0.8, $2.2.
Daily (1D) support for RAY price – $0.6.
Price Analysis Of RAY On The Four-Hourly (4H) Chart
The price of RAY on the 4H chart has continued to look bullish, holding above the support area at $0.7, corresponding to the 50 EMA on the 4H chart with more buy orders in this region.
RAY formed a bullish divergence on the 4H chart as the price was oversold; we could see the price of RAY going to the resistance at $0.8.
The Relative Strength Index (RSI) for RAY on the 4H chart is above 60, indicating good buy volume for 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