RAY Testing Resistance: Is a New Uptrend on the Horizon?

RAY Testing Resistance: Will the Bullish Momentum Continue?

Raydium (RAY) failed to break over the resistance level of $2.85. When the impetus behind Bitcoin (BTC) turned bearish in early May, it swiftly dropped after temporarily floating above this resistance near the end of April. Raydium investors may need to brace themselves for a protracted consolidation phase, while Bitcoin aspires for a strong return.

Raydium’s Bullish Order Block: Can RAY Hold Above $2.30?

Raydium‘s rally was momentarily stopped at $2.4 in mid-April. It dropped to $2.15 before rising to $2.49, the previous swing high. Between $2.22 and $2.30, this price action formed a bullish order block, sometimes referred to as a high-volume support zone. The price was barely over this range at the time of publication, anticipating a potential response.

Raydium’s A/D Indicator Signals Caution: Will $2.15 Support Hold?

Since early April, the A/D indicator has made higher lows, indicating that there is more demand for Raydium’s utility token. However, the A/D line has dropped as a result of recent selling pressure. The $2.15 support level might not hold if the A/D keeps declining. With the MFI now below neutral 50, bearish dominance is becoming more pronounced. Traders should exercise caution even though it hasn’t confirmed a breakdown.

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