Sellers are Losing Hope; RAY Price Sustains at the $1.89 Mark

• The Raydium price forms a descending triangle pattern from $1.89 in the current trading phase.
• RAY crypto has exceeded 40% returns during the monthly trading session.
• The trading volume has declined 37.53% in the last 24 hours.

Raydium (RAY) is an automated market maker (AMM) for the Serum decentralized exchange (DEX). It is a liquidity provider built on the Solana blockchain, which provides on-chain liquidity to a central limit order book. The funds were converted into limit orders on Serum’s order books and deposited primarily into Raydium. The process gives Raydium LPs access to all of Serum’s order flow and existing liquidity.

RAY Crypto Gave Massive Returns Over 1000%  in the Last Six-month Session

Raydium price gained investors’ attention in early December 2023 from the $0.40 bullish point of interest (POI). The cryptocurrency surged over 400% during that month. The whole move reflected strong positive sentiments in the market. The price reached the $2.07 resistance level and faced initial profit bookings.

A subsequent bullish correction period has been observed in the RAY price till February 24, 2024, resulting in over a 50% decline. Afterward, the price gave a strong bullish move from the $0.87 POI with an upsurge of 270% till March 16, 2024. At present, the crypto price is experiencing a correction period.

The maximum supply of the cryptocurrency is locked at 555 million tokens. 262.59 million RAY tokens are circulating in the market, covering 47.31% of the maximum supply. The total diluted capitalization of Raydium is estimated at around $1.05 billion, and the current market capitalization stands at $499.84 million.

Price-to-Volume and Social Dominance Analysis

The cryptocurrency’s social buzz rose positively after February 29, 2024. Afterward, the price and volume have also been increased above $500 million. In the current sessions, the social dominance of the RAY is facing some drawbacks, dropping from 1.2% to 0.46%. The price reflects stability above $1.80.

Technical Analysis of the Raydium (RAY) Price

The Raydium crypto price has reflected a nice bullish trend since November 2023. The 50-day key exponential moving average has been acting as a dynamic support for the price. The 200-day EMA remains untouched for the major correction.

RAY price has given a breakout from the $2.07 resistance level on March 16, 2024. After the breakout, it reflected over a 55% upsurge and reached the $3.29 level. The price is making a bullish correction in the current trading phase. The price is sustaining at the $1.89 bullish POI. If a closing above $2.64 happens, the price can attain the $3.29 resistance level.

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The relative strength index (RSI) shows an internal bearish divergence in the momentum. However, the current price strength reflects weakness, indicating a bullish reversal. The RSI is moving at 46.26.

Summary

Since November 2023, the RAY crypto price has been performing with strong bullish sentiments. The cryptocurrency reflected over 1000% returns during the six-month trading session. The current price is sustaining at the $1.89 bullish POI. If a closing above $2.64 happens, the price can attain the $3.29 resistance level.

Technical Levels

• Resistance Levels: $3.29 and $3.81
• Support Levels: $1.89 and $1.51

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.