Raydium (RAY) has shown significant recovery in the market, suggesting a possible transition to a new bullish cycle. Recent price reports indicate a 13% increase in RAY over the last 24 hours.
Market Technical Situation of Raydium
Currently, RAY is trading at around $3.467, reflecting a 13% gain in a day. The cryptocurrency has surpassed key exponential moving average (EMA) levels. According to technical analysis, a double EMA breakout is occurring, which indicates a typical sign of a bullish trend. Breaking above the 50-day EMA at $2.7954 and the 200-day EMA at $2.8666 marks a change in market sentiment.
Indicators Supporting Bullish Trend
Several technical indicators are corroborating the positive direction. The Relative Strength Index (RSI) is at 64, indicating a strong bullish position without reaching an overbought state. The MACD has also created a bullish crossover, further confirming the shift in momentum.
Price Prospects of RAY
The level of social activity supports the bullish sentiment, indicating an increasing interest in Raydium. RAY has established a stable base above the psychological level of $2.00 and has been forming higher lows since June. Currently, the key focus for traders will be monitoring volume confirmation and the possibility of retesting the recently broken EMA as support.
The ability to maintain above the $3.40 mark will be crucial in reaching the ambitious target in the $4.00-$5.00 range in the upcoming sessions.
