Since October, Raydium (RAY) surged significantly but now faces a correction. Investors closely monitor its price action.
Current Market Trends
RAY recently peaked at $9.00 before entering a correction, testing an ascending trendline that previously served as critical support. The horizontal support zone between $4.50 and $5.00 remains critical.
Support and Resistance Levels
Key Support Zones: * $4.50-$5.00: A vital level where buyers have shown interest before. * Ascending trendline (~$4.90): A break below could increase selling pressure. Resistance Levels: * $6.00 - $6.50: A short-term resistance zone. * $8.00-$9.00: A major resistance zone, where the last peak was recorded.
Technical Indicators
The Relative Strength Index (RSI) is at 38.56, indicating a bearish trend. Falling below 30 may suggest oversold conditions. The MACD line (-0.300) is below its signal line (-0.235), indicating bearish momentum.
If RAY maintains support at $4.50-$5.00, a rebound to $6.50 is possible. Failure to hold may drop the price to $3.50-$4.00.
