Raydium (RAY) Consolidates at the $2.00 Baseline

The Raydium market has fallen significantly from its recent high and is now trading just above the $2.00 price level. As of the time of writing, the token has recorded a 4.53% price increase. However, the market remains largely subdued, limiting the potential for significant price gains in the near term.

Raydium Statistics

Current Price: $2.163

Market Capitalization: $652M

Circulating Supply: 290.84M

Total Supply: 554.99M

CoinMarketCap Rank: 93

Key Price Levels

Resistance: $2.500, $3.000, $3.500

Support: $2.000, $1.500, $1.000

RAY Sees Only Minimal Gains

Price movement on the Raydium daily chart remains just above the $2.00 mark. Although the ongoing session appears bullish, it is still positioned significantly below all the Moving Average (MA) lines on the chart.

Meanwhile, the Stochastic Relative Strength Index (RSI) lines have recently formed a bullish crossover just below the 50 mark of the indicator. The indicator lines are now trending upward, suggesting that price action may have a short-term bullish focus.

Raydium Still Sits on a Key Level

Analyzing the RAY/USDT market, we can see that price action has found support just above the 20-day MA line. The last price candle is red but has not been able to breach this support level.

Notably, the Stochastic RSI lines have risen past the 80 mark, despite minimal price movement in this market. While price action appears to have stabilized above the 20-day MA line, the market may struggle to achieve substantial gains.

To play it safe, traders should focus on short-term gains, targeting levels below the $2.500 mark.

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