Raydium Crypto: Bullish Momentum Gains at Key Support Levels?Raydium crypto is trading higher in the last couple of sessions showing positive signs on the daily chart.
At the time of writing, the RAY crypto price was trading close to $1.76 USD, recording a positive intraday development of nearly 2.59%.
The Raydium crypto price has taken a pause on Tuesday after five consecutive days of gains. This recent surge has allowed the cryptocurrency to go beyond the 50-day EMA on the daily chart. At the time of writing, the RAY crypto was trading near $1.76 recording negative development of 2.78%.
Although the short-term trend appears to be slightly bullish, Raydium crypto has not yet recovered from the losses incurred in the previous week. This has left investors in doubt if there will be a new wave of selling or if buying momentum will pick up again.
Can Bulls continue to recover or Face Selloff Again?
The recent buying pressure created after a short consolidation near the $1.5 indiactes a base formation by the bulls at the lower levels. Additionally, the rebound area coincides with the previous breakout zone, indicating that Raydium's price may have dropped to complete its retest.
Furthermore, the recent buying has caused the crypto to rise above the 50-day exponential moving average, which could act as dynamic support. However, the price has paused in intraday trading, leaving investors uncertain about the trend.
To see further growth in the Radium crypto, more buying volume is necessary to accumulate and maintain the price near the 50-day EMA. According to the Coinmarket website, the intraday volume received was $17.694, with an increase of nearly 5.81% in the past 24 hours. This increase in volume indicates the rising participation of buyers, which could help the crypto recover the losses.
Although the short-term trend outlook has turned positive, investors are concerned about another selloff. To reclaim the highs, the bulls must add more buying and show sustenance at the CMP for the RAY cryptocurrency.
Technical Outlook Of Raydium crypto?
Based on technical analysis, the Raydoum cryptocurrency has shown positive signs in the long term as its price has been maintained above the 200 day Exponential Moving Average (EMA). Additionally, the price has surpassed the 50 day EMA on a daily chart, which indicates an increasing strength of the buyers. The EMAs provide a promising outlook for Raydoum's future price movements.
Conclusion
Raydium crypto price has experienced a recent surge, allowing it to go beyond the 50-day EMA on the daily chart. However, the price has not yet fully recovered from the losses incurred in the previous week, leaving investors uncertain about the trend. The recent buying pressure indicates a base formation by the bulls at the lower levels, and the rebound area coincides with the previous breakout zone.
Although the short-term trend outlook has turned positive, investors are concerned about another selloff. To see further growth in the Radium crypto, more buying volume is required to accumulate and maintain the price near the 50-day EMA. Technical analysis shows that Raydium cryptocurrency has positive signs in the long term, with the price maintained above the 200 day Exponential Moving Average (EMA).
Technical levels:
Support Levels: $1.27 and $0.89
Resistance Levels: $1.97 and $2.75
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
