- The cup and hand pattern meant a bullish breakout when Ray tested the crucial resistance of $ 8.
- Market indicators showed a strong momentum, but Ray must have important levels to maintain the upward trend.
Raydium [RAY] Has an impressive increase of 15% registered in the last 24 hours, so that the price is pushed to $ 7.50 at the time of the press. This bullish momentum follows a cup and hand pattern, which indicates a potential outbreak.
However, the resistance level of $ 8 remains an important barrier that needs to be broken for further profit. That is why traders are closely monitoring whether Ray can support this upward trend or undergo a rejection.
Ray’s price promotion shows a bullish breakout setup
Ray has formed a cup and handle pattern, usually a continuation signal. The price has been steadily recovered from its recent dip, to $ 8.01, the most important resistance level.
If buyers keep control, an outbreak could occur to $ 9.00, so that Bullish Momentum is applied. However, not holding above $ 8.01 can activate a withdrawal to $ 7.20, where there is support in the short term.
Source: TradingView
Are active addresses that support the Raydium meeting?
Data in chains shows that daily active addresses have risen to 12, which suggests that an increased market involvement.
Although fluctuations occur, steady growth of active addresses is generally a bullish sign, which reflects a higher network use.
If this number continues to rise, this may indicate a stronger demand for radius, which supports further price valuation. However, any sudden decrease in active addresses can indicate the weakening of interest.
Source: Santiment
Technical indicators confirm Bullish Momentum
Momentum indicators continue to suggest further, with the Relative Strength Index (RSI) at 58.64, which indicates a strong but not overbought market.
In addition, the 9-day advancing average (MA) at 6.87 above the 21-day MA at 6.82, which points to a bullish crossover.
These indicators reinforce the cup-and-handle formation, to support the case for an upward outbreak. However, if RSI exceeds 70, the market can be overbough, which leads to a short -term correction.
Source: TradingView
N / A -Ratio refers to a possible cooldown
Although the price action remains strong, the NVT ratio has fallen to 1.15, which indicates a higher transaction activity compared to market capitalization.
Although a lower NVT ratio generally indicates a healthy network use, sharp decreases can also suggest potential volatility.
If the sales pressure rises, Ray can retire briefly in $ 7.20 before trying an outbreak. However, stable transaction volumes can help support the rally.
Source: Santiment
Conclusion: Will Raydium break $ 8?
Ray has a strong Bullish Momentum, with rising active addresses, positive RSI and a bullish advancing average crossover. However, the resistance level of $ 8.01 remains a major obstacle.
Read raydium [RAY] Price forecast 2024-2025
If buyers penetrate, $ 9.00 could be the next goal. But if the resistance is in force, a retracement up to $ 7.20 is probably before a new attempt.
