Raydium (RAY) Price Movement Faces Strong Resistance

The Raydium token has seen a notable price increase during today’s trading activity, placing it among the most profitable coins at the time of writing. However, price action in this market faces key challenges that threaten to halt further gains. Will bullish forces be able to overcome this resistance? Let’s delve deeper below.

RAY Statistics

Current Price of Raydium: $4.867

Market Capitalization: $1.42B

Circulating Supply: 290.88M

Total Supply: 554.99M

CoinMarketCap Rank: 71

Key Price Levels

Resistance: $4.500, $5.000, $5.500

Support: $4.000, $3.500, $3.000

Raydium Price Increases by 5.26%

The RAY token has experienced a moderate price increase in today’s trading, respecting the support at the $4.310 price level. This price increase can be traced back to the previous session, where the price candle displayed an upward contraction. However, the next psychological level, around $5.000, presents significant resistance.

This challenge stems from converging the 20-day and 50-day Moving Average (MA) lines just above the $5.000 mark. Furthermore, the latest price candle on the chart displays an upper shadow, suggesting the presence of compressive forces in the current session.

RAY May Face Downward Rejection at the $5.000 Mark

Analyzing the Raydium 4-hour chart reveals buyers have dominated the past two sessions, despite price activity remaining below most MA lines. The market rebounded strongly from support at the $4.310 level.

Additionally, the RSI lines are currently in the overbought region, with the lead line reaching the 100 mark. This indicates that a downward crossover may occur, potentially leading to price action succumbing to the downward pressure exerted by the MA lines near the $5.000 mark. Consequently, traders should anticipate a potential rebound off the $5.000 resistance level.

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