Raydium (RAY) recently broke out of a downward trend, indicating a potential readiness for a higher ascent. A top analyst, World Of Charts, highlighted this breakout on X (formerly Twitter), suggesting that prices could rise further from here.
Raydium Breakout: Current Situation
Analysts note that traders previously gained strong profits from Raydium, and the current market setup presents another opportunity. The breakout from the wedge pattern has been confirmed, indicating a shift in momentum that could lead to higher price levels.
Raydium Technical Analysis
The price of RAY has moved beyond the upper trendline of the falling wedge, a development often seen as a bullish reversal. The pattern typically signals that selling pressure is weakening, allowing buyers to take control. Key support levels include the lower trendline, while resistance is seen near $7.5-$8.0.
Potential Price Movement Scenarios
If RAY maintains its bullish momentum, traders anticipate testing the $7.5 – $8.0 resistance zone. A successful break above this level could push the price toward $10 or higher. Conversely, lack of momentum could see RAY retesting the breakout zone before making another attempt at higher levels.
The DeFi community is closely watching Raydium's price after this breakout. While things look positive right now, we need to see how price movements play out over the next few days to confirm if this upward move has staying power.
