Market Analysis

RAYDIUM PRICE ANALYSIS & PREDICTION (March 18) – Ray Explodes 100% Weekly Amidst Crypto Drawdown, Now Retracing

Despite this week’s crypto clampdown, Ray showed strength and continued to rally upward. It flipped through a key resistance to test a new high yesterday but faced rejection and is now looking for a retest. 

Solana-based automated market maker – Raydium started this month a bit rough after managing to climb above the $1 mark on February 28. 

It struggled for the first two weeks following a small higher high and higher low formation, which later led to a massive surge in volatility to a high of $2.8 for the first time in two years. A rejection occurred and the price was wicked to $2.3 at the time of writing.

This surge was fueled by the recent rally in Solana’s price, which fundamentally came as a result of liquidity flow from the leading coin. Technically, Ray lagged and was due for a fresh move during the last bullish phase.

Now that the move has eventually come into play following a notable increase above the key $2 resistance yesterday, it is now looking to retest it as support. A rebound should be expected after the retest.

Other Solana-based tokens like Jupiter, Orca and Serum have also charted some notable gains this week despite the drop in the global market cap. Ray remains super bullish following a 150% monthly gain.

RAY’s Key Level To Watch

Source: Tradingview

Considering yesterday’s rejection, Ray is now aiming the $2 support for a retest. Failure to rebound off this level could lead to more decrease to the $1.715 support. The lower support level to watch is located at $1.4.

Currently, the $2.6 and $2.8 levels are held as resistance. An increase above these levels could allow a quick test at $3 before advancing to $3.4.

Key Resistance Levels: $2.8, $3, $3.4

Key Support Levels: $2, $1.715, $1.4

  • Spot Price: $2.3
  • Trend: Bullish
  • Volatility: High

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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Image Source: aoo3771/123RF // Image Effects by Colorcinch

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