Despite losing some chunks of dollars in the last couple of weeks, Radium’s price is still up by a staggering 550% in 90 days as it sits above a key support level. It resurged this week and saw a rejection few hours ago.
The Solana-based automated market makes (AMM) and liquidity provider – Ray had suffered a huge loss since it initiated drop from $2 in late December.
Following an extended correction to a psychological level of $1 this Tuesday, it saw a rejection and suspended selling pressure. Since then, it that level has been serving as support on the daily chart.
It later showed strength and increased slightly to a daily high of $1.359. This high got rejected some hours ago and the price retraced briefly to around $1.22 at press time.
Taking a close look at the recent price actions, Ray appeared to be forming a double-bottom pattern on the daily chart. A strong weekly close could validate this pattern, bringing the bulls back on track.
In the opposite direction, the price must fall below the mentioned psychological level before we can confirm more sell-offs. Aside from looking relatively cheap on the weekly timeframe, the price seems strong and at the same time remains within a buying range from a long-term perspective.
RAY Key Level To Watch
In the latest bid, Ray is likely to face a rejection at the $1.4 resistance level. If the price keeps rising, the next resistance level to watch is $1.715, with a surge to $1.99 and above.
A drop from the current trading level could pass through the holding psychological support to test lower support levels of $0.8 and $0.496 in the coming months.
Key Resistance Levels: $1.4, $1.715, $1.99
Key Support Levels: $1, $0.8, $0.496
- Spot Price: $1.22
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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