The cryptocurrency Raydium (RAY) shows promising growth, with analyst Rendoshi Ondomoto predicting a significant breakthrough. Let's explore key factors contributing to this optimism.
Fundamental Factors Driving RAY Growth
Analyst Rendoshi Ondomoto points out that the Raydium project is experiencing steady revenue expansion, indicating increased activity in the ecosystem. This growth is supported by an active token buyback program, which reduces supply and could aid in long-term price appreciation. Additionally, RAY's strong tokenomics minimize the risk of future significant sell-offs, as a large portion of the total supply is already in circulation.
Technical Price Picture of RAY
On the weekly chart, RAY is trading around $3.72, nearly 9% higher than recent figures. The price action is showing a clear ascending triangle, a bullish pattern often preceding strong breakouts. Resistance is just below the $4.00 mark, and a breakout above could pave the way for a push toward $8.00. The long-term target is in the $25-26 range, a level last seen during the 2021 bull market.
Short-Term Price Outlook for RAY
If RAY breaks and holds above $4.00, a target in the $5.00-6.00 area could be achievable in the coming days. However, if the breakout does not occur, RAY price could revert to test support around $2.80-3.00 before attempting another run. Given the solid fundamentals and bullish chart, RAY is definitely one to watch, especially if the broader crypto market continues to rise.
Overall, despite potential short-term price fluctuations, strong fundamental bases and a positive technical structure create prospects for further growth of Raydium (RAY) in the future.
