Raydium Forms Ascending Channel Near Major Resistance
-RAY is up over 30% the last week
-Price has formed an ascending channel
-RAY is being held up by the 40 MA
Raydium is a new token that was launched in early 2021. RAY just underwent a Binance listing in mid August which has caused a healthy price spike since. The use case for RAY is very appealing to many investors as it is natively hosted on the Solana blockchain. Raydium describes itself as an automated market maker & liquidity provider for the Serum decentralized exchange (DEX). This coin seems to have much potential as the interest in the SOL blockchain as well as decentralized exchanges have skyrocketed recently.
Ever since RAY was listed on Binance, the price has been in a strong uptrend. Over the past week, RAY attempted a breakout above its major resistance zone & hit nearly $17 in less than an hour. Quickly afterwards, bears pulled RAY all the way back under its major resistance zone found from $12.90-$13.77. At the time of writing, RAY is attempting to break the first level of this major resistance zone. If this is deemed successful, RAY will likely spike back above the $16 mark.
Over the past week, price has formed an ascending channel formation (shown in blue). Each time price touches either trend, it has gotten rejected back into the channel. A full break & retest of one of the trends of the channel is needed for price to break free. Yesterday, Raydium touched its 40MA which has held as support for over two weeks. If bulls fail to break & hold the major resistance zone & RAY gets pulled below its ascending channel, price will likely enter a downtrend. We should expect to look for a support bounce between $10-$11.
While looking at the Stochastic RSI, we can see that strength has just gotten rejected within the overbought region & it seems to be holding the 50 value as support. As long as strength stays over the 50 value, RAY will continue in a bullish stance. If strength breaks below this level, RAY will likely enter a short term downtrend. The MACD has been heading down towards the 0 value for almost a week now & the histogram is about to tick bearish. As long as the MA’s hold above the 0 value, RAY will continue its bull trend.
RAY Intraday Analysis
Spot rate: $12.73
Trend: Sideways
Volatility: Medium
Support: $12.12
Resistance: $12.92
-Price has formed an ascending channel
-RAY is being held up by the 40 MA
Raydium is a new token that was launched in early 2021. RAY just underwent a Binance listing in mid August which has caused a healthy price spike since. The use case for RAY is very appealing to many investors as it is natively hosted on the Solana blockchain. Raydium describes itself as an automated market maker & liquidity provider for the Serum decentralized exchange (DEX). This coin seems to have much potential as the interest in the SOL blockchain as well as decentralized exchanges have skyrocketed recently.
Ever since RAY was listed on Binance, the price has been in a strong uptrend. Over the past week, RAY attempted a breakout above its major resistance zone & hit nearly $17 in less than an hour. Quickly afterwards, bears pulled RAY all the way back under its major resistance zone found from $12.90-$13.77. At the time of writing, RAY is attempting to break the first level of this major resistance zone. If this is deemed successful, RAY will likely spike back above the $16 mark.
Over the past week, price has formed an ascending channel formation (shown in blue). Each time price touches either trend, it has gotten rejected back into the channel. A full break & retest of one of the trends of the channel is needed for price to break free. Yesterday, Raydium touched its 40MA which has held as support for over two weeks. If bulls fail to break & hold the major resistance zone & RAY gets pulled below its ascending channel, price will likely enter a downtrend. We should expect to look for a support bounce between $10-$11.
While looking at the Stochastic RSI, we can see that strength has just gotten rejected within the overbought region & it seems to be holding the 50 value as support. As long as strength stays over the 50 value, RAY will continue in a bullish stance. If strength breaks below this level, RAY will likely enter a short term downtrend. The MACD has been heading down towards the 0 value for almost a week now & the histogram is about to tick bearish. As long as the MA’s hold above the 0 value, RAY will continue its bull trend.
RAY Intraday Analysis
Spot rate: $12.73
Trend: Sideways
Volatility: Medium
Support: $12.12
Resistance: $12.92
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