Raydium (RAY) Support at the $7.00 Price Mark Holds

The Raydium token experienced an additional price increase of 3.09% today. This indicates that price action is continuing its upward momentum from the support established yesterday. Notably, this marks the third consecutive session where bulls have maintained control. Let’s explore what further developments might unfold in this market.

RAY Statistics

Current Price of Raydium: $7.898

Market Capitalization: $2.29B

Circulating Supply of Raydium: 290.88M

Total Supply: 554.99M

CoinMarketCap Rank: 57

Key Price Levels

Resistance: $8.00, $9.00, $10.00

Support: $7.00, $6.00, $5.00

Raydium Extends Upside Correction

For the third consecutive session, buyers in the RAY/USDT daily market have retained dominance, leading to significant price increases. In the previous session, price action found support just above the $7.00 level, which held strong. Bulls remain active in the ongoing session, pushing prices closer to the $8.00 mark.

Currently, price action is positioned above all the Moving Average (MA) lines. Additionally, the Stochastic Relative Strength Index (RSI) has recently delivered a fresh upside crossover at the 80 level. The indicator’s lines are trending strongly upward, suggesting robust bullish momentum. Technically, these factors indicate the potential for further price increases in this market.

RAY Market Prepares to Hit the $8.00 Price Level

On the 4-hour chart, the upward trajectory remains evident. The most recent price candle is green, with no upper shadow, indicating strong bullish sentiment. The Stochastic RSI lines maintain an upward trajectory, and price action stays above all MA lines.

Technically, all indicators suggest that the market retains significant bullish potential. With the $8.00 resistance level close at hand, it seems likely that prices will breach this mark soon. Furthermore, given the proximity of this resistance, the market may extend even higher, potentially reaching the $8.50 price level.

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