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- 1 Raydium crypto has been trading higher in the last couple of sessions, showing positive signs on the daily chart.
- 2 When writing, the RAY crypto price traded at nearly $1.76, recording a positive intraday development by almost 2.59%.
The Raydium crypto price paused 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 traded at $1.76, post a 2.59% drop.
Although the short-term trend appears slightly bullish, Raydium crypto has not recovered from the losses incurred in the previous week. It has left investors wondering if a new wave of selling will occur or if buying momentum will reoccur.
Will The Bulls Recover Face Or Face A Selloff Again?
The recent buying pressure created after a short consolidation near $1.5 indicates 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 a dynamic support. However, the price has paused in intraday trading, leaving investors uncertain about the trend.
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 EMA. The price has also surpassed the 50-day EMA on a daily chart, indicating the buyers’ increasing strength. 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 yet to fully recover from the losses incurred last 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. More buying volume is required to accumulate and maintain the price near the 50-day EMA to see further growth in the Radium crypto. 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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
