Raydium (RAY) prices are showing an upward trend this month, drawing traders' attention. Following a clear trend reversal in early July, the price is testing strong resistance at around $3.60.
Trend Change on RAY Chart
In June, RAY was in a downtrend, trading significantly below its 200-period Simple Moving Average (SMA). This changed on July 7, when the price cleanly broke above the 200-SMA, typically signaling a trend shift. Since then, RAY has been forming higher highs and higher lows, indicative of a bullish structure.
Trendline and Its Significance
There is also a rising trendline that has been guiding the price movement since the breakout. It has held multiple times, including on July 19 when RAY bounced cleanly towards $3.60. Currently, bulls are in control, as RAY price has not closed below this trendline.
Key Levels for Further Trading
On the downside, the support zone lies between $2.90 and $3.00. The trendline itself offers nearby support, while the 200-SMA is a deeper level. On the upside, $3.60 is the crucial level. A clean breakout above it could lead to RAY prices rising towards $3.90 or even $4.00 in the short term.
Currently, the RAY trend appears healthy; however, traders should closely monitor the $3.60 level to gauge further market dynamics.
