RAY Crypto Price Shows Sellers Surge, Can It Break Support?

• 1 A decline in social dominance indicates waning user interest, which could negatively affect the RAY price.
• 2 Technical indicators like a bearish MACD crossover and a declining RSI suggest a loss of momentum.

The Raydium (RAY) crypto market dynamics are currently contested, with both buyers and sellers vying for control. Initially, the price trajectory was positive, climbing from a low of $0.3500, overcoming several resistance levels at $1.5000 and $2.3500, and peaking near $3.3000.

Subsequently, Raydium (RAY) crypto asset’s value began to retract from its peak, signaling a potentially significant downturn. The asset’s trend is showing signs of bearishness, as it has dipped below the 20-day EMA and is on track to intersect the 50-day EMA from above, suggesting that further declines could be imminent if selling pressure persists.

Technical indicators reinforce this bearish outlook, with the MACD registering a decisive bearish crossover at 0.1844 and the histogram trending downward at -0.04825. The RSI, currently at 52.29, has been rejected by the 14-SMA at 64.52, indicating a loss of upward momentum.

Raydium crypto’s (RAY) recent performance has been lackluster, with a weekly drop of 12.29%, hinting at the beginning of a consistent downtrend. This decline has been accompanied by a 4.79% intraday fall, with the current price at $1.9310. If the bearish trend intensifies, support levels at $1.50 and $0.50 could be tested.

However, the scenario could flip if the buyers turn the match in their favor. The Raydium price could fly higher towards a higher level around $2.30, and $3.30, and this fall will become a short-term decline.

Volume Analysis Of RAY Crypto Price (RAYDIUM)

Moreover, the volume analysis shows that the RAY crypto asset has received $41.11 Million in volume. The price vs volume chart describes a decline in volume along with the price decline, which suggests the continuation of the ongoing downtrend.

30-Day Market Value Shows Raydium Price is Likely to decline

The graph shows the relationship between the RAY crypto price and the MVRV rate over the last 30 days. The MVRV ratio represents the average P&L of investors who purchased the Raydium asset over the last 30 days. 

The chart shows that the RAY crypto’s price and MVRV rate are positively correlated which signifies that they are moving in the same direction.

When the RAY price increases, the MVRV ratio also increases, which reveals that more investors are making. Similarly, when the Raydium price decreases, the ratio also decreases, which highlights that more investors are losing money.

The chart shows MVRV dropping, highlighting that the 30-day MVRV ratio for Raydium crypto decreased and in correlation, the price shows correction started from the nearest supply zone. It illustrates that the RAY price could fall enormously, as more investors may sell more, which could trigger a price deterioration.

Social Dominance Is Slipping In RAY Crypto

The social dominance sentiment is an indicator of the increasing or decreasing acceptance of RAY crypto (Raydium) among the users. The social dominance chart displays a negative trajectory over the period.

RAY saw a significant decline after mid-March 2024 and is still declining, highlighting falling user interest. 

The decreasing social dominance may also have a negative impact on the RAY price as the participation of users is showing a decrease on the chart, which may decrease its demand and cause the crypto price to deteriorate. 

Summary

The Raydium (RAY) cryptocurrency is in a price battle between buyers and sellers. After a bullish phase where it surpassed resistance levels and reached a high near $3.3000, it’s now showing bearish signs, falling below the 20-day EMA and heading towards the 50-day EMA. A bearish MACD crossover and a declining RSI suggest a loss of momentum.

Moreover, the recent performance has been poor, with a weekly drop of 12.29% and an intraday fall of 4.79%, indicating a potential downtrend. If the bearish trend continues, the price might test support at $1.50 and $0.50. Conversely, if buyers regain strength, the price could rise towards $2.30 and $3.30. 

Volume analysis shows a decrease in trading activity, typically confirming a bearish trend. The MVRV ratio, which tracks the average profit and loss of investors who bought RAY in the last 30 days, is dropping, suggesting that the price could fall further as more investors sell. Additionally, a decline in social dominance indicates waning user interest, which could negatively affect the RAY price. Overall, the market sentiment appears cautious, with potential for both further decline or a bullish reversal.

Technical Levels

Support Levels: $1.50

Resistance Levels: $2.30

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.