Raydium: Assessing odds of RAY pushing past the $8 mark

• The cup-and-handle sample signaled a bullish breakout as RAY examined the essential $8 resistance.
• Market indicators confirmed robust momentum, however RAY should maintain key ranges to maintain the uptrend.

Raydium [RAY] has recorded a powerful 15% surge within the final 24 hours, pushing its value to $7.50, at press time. This bullish momentum follows a cup-and-handle sample, signaling a possible breakout.

Nevertheless, the $8 resistance degree stays a key barrier that should be damaged for additional beneficial properties. Due to this fact, merchants intently monitor whether or not RAY can maintain this uptrend or face a rejection.

RAY’s value motion reveals a bullish breakout setup

RAY has been forming a cup-and-handle sample, usually a continuation sign. The worth has steadily recovered from its current dip, pushing in the direction of $8.01, the most important resistance degree.

If consumers preserve management, a breakout in the direction of $9.00 may happen, driving additional bullish momentum. Nevertheless, failure to carry above $8.01 could set off a pullback in the direction of $7.20, the place short-term assist lies.

Supply: TradingView

Are lively addresses supporting Raydium’s rally?

On-chain knowledge reveals day by day lively addresses have risen to 12, suggesting elevated market engagement.

Though fluctuations happen, regular progress in lively addresses is usually a bullish signal, reflecting increased community utilization.

If this quantity continues rising, it may point out stronger demand for RAY, supporting additional value appreciation. Nevertheless, any sudden drop in lively addresses would possibly counsel weakening curiosity.

Supply: Santiment

Technical indicators verify bullish momentum

Momentum indicators counsel additional upside, with the Relative Energy Index (RSI) at 58.64, indicating a robust however not overbought market.

Moreover, the 9-day Shifting Common (MA) at 6.87 has crossed above the 21-day MA at 6.82, which factors to a bullish crossover.

These indicators reinforce the cup-and-handle formation, supporting the case for an upward breakout. Nevertheless, if RSI strikes above 70, the market may change into overbought, resulting in a short-term correction.

Supply: TradingView

NVT ratio hints at a attainable cooldown

Whereas value motion stays robust, the NVT ratio has dropped to 1.15, signaling increased transaction exercise relative to the market cap.

Though a decrease NVT ratio usually signifies wholesome community utilization, sharp declines can even counsel potential volatility. 

If promoting stress rises, RAY would possibly briefly retrace to $7.20 earlier than making an attempt one other breakout. Nevertheless, steady transaction volumes may assist maintain the rally.

Supply: Santiment

Conclusion: Will Raydium break previous $8?

RAY has robust bullish momentum, with rising lively addresses, optimistic RSI, and a bullish shifting common crossover. Nevertheless, the $8.01 resistance degree stays a serious hurdle.

Learn Raydium [RAY] Value Prediction 2024-2025

If consumers push by way of, $9.00 may very well be the following goal. However, if resistance holds, a retracement to $7.20 is probably going earlier than one other breakout try.