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Raydium
Long

Ray : Support bounce

By crossedfingers1
Updated
Ray could be considered quite undervalued in terms of transaction volume vs marketcap when comparing against other swaps.

At the moment, hoping for a bounce off of this previous support level.
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Looks like we could be in the beginning of wave 5 and my conservative target.

Some food for thought, according to Coingecko today, Raydium is in 11th place by market cap in the dex category. The Raydium token is 2nd by volume and the overall volume of trades on Raydium platform is 3rd behind only Uni V2/3 and Pancake. Some could consider it undervalued with over 1.3 billion TVL now as well.

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Serious wick down there, but also completed a nice ABC correction. Would like to see daily candle close above this level here and will be more confident that we can continue up:

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RAy looks to have completed it's 5 waves, albeit a shorter 5th than i was hoping for.

If this current support is lost, then I think we most likely head towards blue support before moving on to the larger wave 3.

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Looks like bottom in imo. If BTC behaves, then a flip of the resistance at $12 would confirm.

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Chart PatternsrayraydiumRAYUSDrayusdtTrend Analysis

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