Amateur RAY Chart (trends, fib, BBs, fundamentals, etc)
Hey all, I did a chart on Raydium (RAY). It hasn't been trading for very long so there isn't a whole lot of data to go off of, but I did my best to find different trends with accompanying Fibonacci retracement levels, Bollinger Bands, and volume.
The chart gives you 4 different trends to consider. It's been trading for less than a week so it's pretty tough to pick which trend RAY will stick to. We'll have to consider the overall direction of the market. In the short term, we'll have to consider the fact that it's a Thursday as well (we're about to head into the weekend).
My opinion:
Long-term outlook: Very Bullish 📈 - it's been a historically bad idea to bet against SBF. The Solana, Serum, and Raydium ecosystem is a good one to bet on if you're concerned about ETH's scalability and current issues. In the next few months, these assets should perform well. If you want to get into RAY for the long term, it's probably a good idea to start thinking about DCAing in/finding a good entry.
Also- we need to look at the tokenomics. Google search "ray token tokenomics" and click on the first result. Review the tokenomics. RAY's circulating supply is currently 26.76 times lower than Uniswap's circulating supply (~11.1M compared to ~300M) and has a total supply of 550M compared to Uniswap's 1B. So the allocation of these tokens is important to determine how it will affect the price going forward.
Also remember that a number of DEXs (Uniswap, 1 inch, etc) have done generous airdrops in the past. RAY currently lists that 30% of their tokens will be distributed to "Partnership and Ecosystem". While the vast majority will be distributed through farming and staking RAY, it wouldn't be surprising if SBF (notably an altruistic Chad) were to airdrop a generous amount of these "Partnership and Ecosystem" RAY tokens to early users of RAY, users of FTX, etc. So, before you invest in RAY you probably will want to try it out as well to have a chance at a potential airdrop and to get a feel for what you're investing in.
Note: I'm an amateur when it comes to TA and just started learning a little while ago so take this chart with a grain of salt.
The chart gives you 4 different trends to consider. It's been trading for less than a week so it's pretty tough to pick which trend RAY will stick to. We'll have to consider the overall direction of the market. In the short term, we'll have to consider the fact that it's a Thursday as well (we're about to head into the weekend).
My opinion:
Long-term outlook: Very Bullish 📈 - it's been a historically bad idea to bet against SBF. The Solana, Serum, and Raydium ecosystem is a good one to bet on if you're concerned about ETH's scalability and current issues. In the next few months, these assets should perform well. If you want to get into RAY for the long term, it's probably a good idea to start thinking about DCAing in/finding a good entry.
Also- we need to look at the tokenomics. Google search "ray token tokenomics" and click on the first result. Review the tokenomics. RAY's circulating supply is currently 26.76 times lower than Uniswap's circulating supply (~11.1M compared to ~300M) and has a total supply of 550M compared to Uniswap's 1B. So the allocation of these tokens is important to determine how it will affect the price going forward.
Also remember that a number of DEXs (Uniswap, 1 inch, etc) have done generous airdrops in the past. RAY currently lists that 30% of their tokens will be distributed to "Partnership and Ecosystem". While the vast majority will be distributed through farming and staking RAY, it wouldn't be surprising if SBF (notably an altruistic Chad) were to airdrop a generous amount of these "Partnership and Ecosystem" RAY tokens to early users of RAY, users of FTX, etc. So, before you invest in RAY you probably will want to try it out as well to have a chance at a potential airdrop and to get a feel for what you're investing in.
Note: I'm an amateur when it comes to TA and just started learning a little while ago so take this chart with a grain of salt.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.