- In the past nine days, Raydium has dropped 27% to re -test a local demand zone.
- Although a bullish response is expected, traders have to be careful for short-term volatility around the $ 2- $ 2.1 area.
Raydium [RAY] Was unable to transcend the $ 2.85 resistance zone. It drove shortly above this resistance by the end of April, but soon fell like Bitcoin’s [BTC] Momentum became Bearish at the beginning of May.
Although BTC hopes for a bullish recovery, raydium investors may have to prepare for an extensive consolidation phase.
The question has improved in the last five weeks; However, it has not yet tipped the scales in the direction of a breakout.
Ray Hertet de Hoog-Volume Support Zone
Source: Ray/USDT on TradingView
The Raydium meeting was briefly stopped at the level of $ 2.4 in mid -April. It fell to $ 2.15 before it went further than the previous Swing High at $ 2.49.
This price promotion has carved a bullish order block, also known as a high-volume support area, between $ 2.22 and $ 2.30. At the time of writing, the price floated just above this zone and prepared for a possible response.
The A/D indicator has formed higher lows since the beginning of April, which demonstrates an increased demand for the usefulness of Raydium. However, the recent sales pressure has ensured that the A/D line decreased.
If the A/D continues to fall, the support level of $ 2.15 may not be recorded.
The MFI is under neutral 50 cases, indicating that Bearish is growing dominance. Although it has not confirmed a breakdown, traders must remain careful.
Liquidation heat maps emphasize Bearish goals
The 1 -month liquidation heat map agreed with the findings of the technical analysis.
It also showed that the constant downward momentum was probably for Ray. The construction of liquidation levels at $ 1.97- $ 2.08 marked a bearish price target.
In addition, the 24-hour Hittemap $ 2.20 identifies as a price target in the short term. A cascade of long liquidations at this level can push the price from Raydium to $ 2.10 or lower.
That is why traders should anticipate a retest of $ 2.00 – $ 2.10 demand zone within the next 24-48 hours.
A bullish rebound can follow, but it depends on Bitcoin that surpasses $ 94.80k local resistance.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
