Raydium Springs Up From Underwater, Could This Be A Ray Of Hope?
30 August 2022 - 04:03PM
NEWSBTC
The price of Raydium (RAY) drops to $0.7 against Tether
(USDT) from its all-time high of $15 as it eyes to bounce from its
low. Despite the relief bounce across most crypto assets, the price
of Raydium (RAY) has continued to remain dormant at its all-time
low. (Data from Binance) Related Reading: Blue Chip NFTs 101 – With
Mint Impending, Is y00ts A Blue Chip Lock? Raydium (RAY) Price
Analysis On The Weekly Chart The price of RAY crashed to its
low of $0.7 by over 95% from a high of $15 after seeing several
rejections from areas of resistance. RAY has shown little
bullish moves on the weekly chart, as this could suggest a bullish
move could happen in no distant time. With bulls buying RAY at this
valued price, we could see the price going to $3.5, acting as the
next significant resistance for RAY’s price. If there are no buy
orders, we could see the price of RAY range between the values of
$0.55-$0.7 as these prices act as support areas. If the price of
RAY maintains its current structure, we could retest the resistance
at $2.5-$3.5, depending on the buy volume orders. Weekly
resistance for the price of RAY – $0.25-$0.35. Weekly support for
the price of RAY – $0.55-$0.7. Price Analysis Of RAY On The Daily
(1D) Chart The price of RAY found its daily low at $0.6 and quickly
bounced off the area where it has formed good support. RAY’s price
moved to a region of $0.7 but could not sustain its movement as it
continued to range. Despite showing a great momentum sign,
RAY is trading at $0.714 below the 50 and 200 Exponential Moving
Averages (EMA), acting as resistance for the price of RAY to break
higher. The 50 and 200 EMA correspond to prices of $0.8 and
$2.2, respectively; for RAY to trend higher, it must break through
this region, which acts as resistance for RAY prices. A break and
close above the 50-day moving average would indicate a short-term
relief bounce, while a close above the 200-day moving average would
indicate a downtrend reversal to the upside of the current bearish
trend. If the price of RAY fails to break the resistance at $0.8,
it may fall to the lower region for price accumulation at $0.6.
Daily (1D) resistance for RAY price – $0.8, $2.2. Daily (1D)
support for RAY price – $0.6. Price Analysis Of RAY On The
Four-Hourly (4H) Chart The price of RAY on the 4H chart has
continued to look bullish, holding above the support area at $0.7,
corresponding to the 50 EMA on the 4H chart with more buy orders in
this region. RAY formed a bullish divergence on the 4H chart as the
price was oversold; we could see the price of RAY going to the
resistance at $0.8. The Relative Strength Index (RSI) for RAY on
the 4H chart is above 60, indicating good buy volume for RAY price.
Four-Hourly (4H) resistance for RAY price – $0.8. Four-Hourly (4H)
support for RAY price – $0.68. Related Reading: Litecoin (LTC)
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