Several altcoins went down earlier today due to a slight decrease in the global market cap but many are resurging along with Raydium, which just broke out to a three-month high following a massive surge.
Picking up from a low of $1.4 last month, Ray has seen a notable increase since the start of this month and is now trading well above $2 with an impressive 20% surge in a month.
Following this shift in the market structure, the bulls are now gaining control on a daily scale. But sentimentally, the bears are still hoping to return, looking for exhaustion in buying to initiate another leg down.
From a technical standpoint, the bears may suffer more loss in the next few days as the market just initiated a fresh rally on the daily chart. As we can see, it just bounced from $1.9 (a newly established support) to $2.2 –its highest price level after three months of trading.
Another thing to keep in mind right now is that Ray’s daily demand is heavily outweighing supply. If this continues to happen, the market may see more growth in the coming days.
The immediate obstacle for the bulls right now is the minor $2.4 resistance level. Once they conquer it, April and March’s high would be their next buying range to watch. Looking at the overall market in terms of gain so far, the price is up by over 7x from year to date.
RAY’s Key Level To Watch
Source: Tradingview
While charging towards a minor resistance, the key level to watch for a surge is $2.66 – April’s high. Above it lies a hidden resistance of $2.95, followed by $3.33, where a major breakout will take place.
Aside from $2, which serves as the closest support, the newly established support and the $1.75 level are the next zones to consider for a pullback.
Key Resistance Levels: $2.66, $2.95, $3.33
Key Support Levels: $2, $1.9, $1.75
- Spot Price: $2.19
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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