- RAY has dropped 20% amid elevated promote strain and low demand.
- Will the $5 help set off a worth restoration for the altcoin?
Raydium [RAY], Solana’s premier memecoin buying and selling website, has misplaced over 20% of its token worth previously two weeks.
As of this writing, RAY consolidated tightly round $5 however confronted elevated sell-pressure from centralized exchanges. Will $5 help maintain or crack?
RAY on the sting
Source: RAY/USDT, TradingView
RAY entered worth consolidation after hitting a document excessive of $6.5 in mid-November. Buying strain declined afterwards as promote strain compounded.
In December, RAY’s demand turned detrimental, as proven by the RSI beneath 50 median degree on the 12-hour chart. This sophisticated restoration possibilities preserve the altcoin confined to the decrease vary of its channel.
Will the $5 range-low and help break? Yes, if the promote strain will increase within the subsequent few days.
Source: RAY/USDT, TradingView
However, the $5 degree was a key psychological and Fib degree that might reinforce the bull’s advance.
Losing the extent would make a decrease low and flip the market construction bearish. If so, $3.6 may very well be the subsequent help degree.
On the flipside, $7.5 and $9.5 may very well be reachable if bulls defended the $5 help.
RAY promote strain
Source: Santiment
According to Santiment, promote strain (provide on exchanges, crimson line) steadily elevated in November.
Over the identical interval, new demand (provide outdoors exchanges, yellow) for the altcoin dropped. This was opposite to the robust shopping for development in October, suggesting short-term holders booked revenue in November and December.
The sell-off stalled RAY’s rally at $6.5 and will solely reverse it eased.
While the sell-off may very well be an incredible shopping for alternative for traders eyeing long-term methods, there wasn’t a transparent signal for RAY merchants.
Read Raydium [RAY] Price Prediction 2024-2025
For swing merchants, a weekly candlestick shut above $5 might counsel strengthening and a possible shopping for alternative. Such a transfer would enhance the percentages of RAY hovering to the center or higher channel goal of $7.5.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
