The Raydium market has experienced notable price movements lately. Despite the significant price action in today’s trading session, the market has undergone a massive bearish contraction. However, the market still holds potential for further price increases.
RAY Statistics
Current Price of Raydium: $7.39
Market Capitalization: $2.17B
Circulating Supply of Raydium: 290.88M
Total Supply: 554.99M
CoinMarketCap Rank: 54
Key Price Levels
Resistance: $8.00, $9.00, $10.00
Support: $7.00, $6.00, $5.00
Raydium Bulls Retreat After Testing the $8.00 Mark
Price activity in the Raydium market remains on an upward trajectory. Even the ongoing session shows some gains despite the significant bearish contraction observed. The price candle for this session has a long upper shadow and a small body, signaling rejection at higher price levels.
Currently, the token’s price is still significantly above all the Moving Average (MA) lines. Additionally, the Stochastic Relative Strength Index (RSI) lines are in the overbought region, where a bearish crossover has occurred. The RSI lines are now falling toward the 80 level, suggesting that bearish pressure is mounting. However, with price action positioned well above all MA lines, the market still holds the impression of an ongoing uptrend.
RAY Market Maintains Focus on the $8.00 Level
On the daily chart, the Raydium market has experienced a notable downward retracement during the ongoing session. The most recent price candle suggests that bears are exerting strong pressure. Nevertheless, price action remains above all the MA lines, signaling underlying bullish strength.
Similarly, the Stochastic RSI indicator lines are still projected upward despite the retracement. This combination of indicators suggests that the downward movement may be temporary. With price action holding above all MA lines, there is a strong possibility that the market will resume its upward trajectory and aim for the $8.00 price level.
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