- UPBIT has mentioned RAYDIUM (RAY) Cryptocurrency KRW and USDT trade savings.
- Strong basic principles support Ray’s in the short term bullish momentum.
- Key resistance is at $ 2.52 – $ 3.12 for a breakout forcing.
Raydium (Ray) has become one of the best profit on the cryptomarkt this week after a major Notification announcement Because of the biggest exchange of South Korea, Upbit.
The offer has caused a sudden increase in interest, which significantly higher the price of Ray, speculated, speculation among traders and investors on the short and long -term process in the short and long term.
Although the announcement of the Raydium list gave a strong boost, the question now is whether the rally can hold and translate into a persistent upward trend.
As market volatility remains high, the price promotion, trade volume and technical indicators all point to a critical phase that is for Ray.
The Upbit list caused a huge price rally
On June 19, Upbit announced that the Raydium trading savings would state in both WFD and USDT markets.
The list news immediately fed an increase in commercial activities, with radius climbing nearly 45% to an intraday height of $ 2.64, according to Coinmarketcap -Data.
In particular, the mention not only marked the access of Raydium to one of the largest cryptom markets in Asia, but also when ending a 35-day downward trend.
However, the initial outbreak above the resistance was short -lived when sellers quickly arrived, which led to a long upper wick on the daily graph.
Although the price under the resistance has been reduced to $ 2.28, the market interest rate remains strong, which suggests that the rally may not be over yet.
Traders now keep a close eye on signs of consolidation or further outbreak.
Strong Fundamentals support the momentum
In addition to the excitement of the upbit list, the foundations of Raydium played a crucial role in the recent revival.
According to Defillama -DataThe project has currently locked a total value (TVL) of $ 1,764 billion, which reflects a considerable user activity on its decentralized platform.
The annual turnover of $ 655.9 million stands out in the Defi sector and contributes to a high income-market CAP ratio of 19.2%.
This metric, combined with a TVL-to-market Cap-ratio of 2.84, underlines the strong capital efficiency of the project.
Moreover, the conviction of investors seems robust, with $ 67.2 million in Ray tokens, which represents around 11.9% of the circulating offer.
This indicates that a meaningful part of the holders remains trust in the long -term value of the active.
Volume Spike indicates strength in the short term
Trade volume has been another important factor in the recent rally.
In just 24 hours, the volume of Raydium exploded by more than 600%and climbed to $ 401.19 million.
This sharp increase in liquidity helped to push the token over immediate resistance levels, activating short coverage and buying.
Despite the strong move, volatility started compressing, as can be seen in the narrowing of the Bollinger tires.
This usually suggests that the market is preparing for another important directional movement, with the next breakout probably decisive.
Technical indicators suggest a mixed prospect
From a technical point of view, Ray’s price tries to restore after finding support in the vicinity of the psychological level of $ 2.
The 50-day exponential advancing average (EMA) is now near $ 2.54, an important level that Bulls has to win back to maintain Opwing Momentum.
A daily close to this line can open the door to the next resistance near $ 2.96 and possibly $ 3.40.
On the daily graph, the formation of a double bottom pattern, combined with bullish signals from both the relative strength index (RSI) and the advancing average convergence disgency (MACD), supports the possibility of further profit.
Moreover, the RSI is currently floating around 45, far below the Overboughtzone, which leaves room for further upside down, while it is also careful in the case of renewed sales pressure.
However, the golf count suggests that the current movement can be part of a corrective phase, where the next key zone is between $ 2.90 and $ 3.12.
If Ray fails above these levels, a return to $ 2.10 support remains probably, making it possible to confirm the Bearish Golf C pattern in development.
