Raydium's cryptocurrency price fell by 40% over the last week amid speculation surrounding a new Automated Market Maker (AMM) developed by Pump.fun.
Raydium's Sharp Decline
Recently, Raydium's price has decreased by 40%, indicating bearish sentiment among investors. A market cap loss of $334 million was noted, alongside an increase in exchange supply. Notably, the price fell below the major support level of $4.12.
Current Situation Analysis
Currently, Raydium's price stands at $2.4928, with an intraday drop of 10.87%. The daily trading volume is down by almost 28%. Raydium's market cap is $724.49 million, and the 24-hour trading volume is $313.73 million.
What to Expect Next?
Raydium's price has dropped below key 50-day and 200-day exponential moving averages, indicating a bearish trend. Key indicators like MACD and RSI are in the bearish zone. The next support levels are $2.007 and $1.4245, and most technical indicators continue to signal a sell.
Raydium remains under pressure, with most technical indicators pointing to further price decline.
