RAY, the native token of Solana-based automated market maker (AMM) and liquidity supplier Raydium, has emerged because the market’s high gainer over the previous 24 hours. This has occurred regardless of the broader market pullback throughout that interval.
With surging buying and selling exercise, RAY trades at its highest value since 2021 and is poised to increase its positive factors.
Raydium’s Surging Demand Drives Worth Rally
An evaluation of the RAY/USD one-day chart reveals a surge within the demand for altcoin. That is evidenced by the setup of its Ichimoku Cloud, whose Main Spans A and B kind dynamic help under the token’s value at $6.04 and $5.87, respectively.
The Ichimoku Cloud tracks the momentum of an asset’s market tendencies and identifies potential help/resistance ranges. When an asset trades above this cloud, it’s in an uptrend. On this state of affairs, the cloud acts as a dynamic help zone, reinforcing the probability of continued upward motion so long as the value stays above it.
Moreover, RAY’s optimistic Chaikin Cash Stream (CMF) helps this bullish outlook. At press time, it sits above the zero line at 0.23.
This momentum indicator tracks how cash flows into and out of an asset. As with RAY, when its worth is optimistic, shopping for stress dominates the spot markets. It suggests accumulation amongst market individuals and hints at a continued uptrend within the asset’s value.
RAY Worth Prediction: Is a New Excessive on the Horizon?
Based on readings from RAY’s Fibonacci Retracement device, if the present uptrend persists, it may try to breach resistance at $8.96. If profitable, this might propel its value to $11.05 and towards its all-time excessive of $17.80.
Nonetheless, a spike in selloffs will invalidate this bullish thesis. In that state of affairs, the RAY token value may shed its latest positive factors and plummet under the help zones of its Ichimoku Cloud to commerce at $4.30.
Disclaimer
In step with the Belief Mission tips, this value evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to alter with out discover. All the time conduct your individual analysis and seek the advice of with an expert earlier than making any monetary selections. Please notice that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.