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Raydium (RAY) has been experiencing a remarkable rally lately, with its price increasing by 15% in the last 24 hours. This impressive surge has led many to question whether it can continue and potentially break through the crucial $8 resistance level. In this article, we will delve into the market indicators and technical analysis to assess the odds of RAY pushing past the $8 mark.
Firstly, let’s consider the recent price action. Raydium’s chart reveals a clear cup-and-handle formation, which is typically a bullish sign. This pattern suggests that the asset may be building up momentum for an upward breakout. With this in mind, it’s not surprising to see RAY test the $8 resistance level.
Moreover, the data from Santiment shows daily active addresses have risen to 12, indicating increased market engagement and higher network usage. While this information doesn’t guarantee success, it does suggest that there may be a stronger demand for RAY in the short-term, which could contribute to further price appreciation.
From a technical perspective, momentum indicators are also supporting this upward trend. The Relative Strength Index (RSI) is currently at 58.64, indicating a strong but not overbought market. Furthermore, the 9-day Moving Average has crossed above the 21-day MA, which adds credence to the cup-and-handle formation.
However, it’s essential to note that Raydium still needs to overcome the $8 resistance level in order to sustain this uptrend and open up new possibilities for further gains. If buyers can push past this barrier, they may be able to reach the $9.00 mark in the short-term.
On the other hand, if RAY fails to break above $8.01, it’s possible that we could see a brief retracement back down to the $7.20 support level before another breakout attempt. It’s crucial for investors and traders alike to keep a close eye on this key resistance level in order to make informed decisions.
In conclusion, Raydium is exhibiting strong bullish momentum at the moment, with various market indicators and technical analysis suggesting that it may have the potential to push past the $8 mark. Nevertheless, it’s essential to remember that there are no guarantees in the cryptocurrency markets, and any such movement would require careful consideration of multiple factors.
Source: ambcrypto.com
