Raydium (RAY) Rebounds with a 10.71% Intraday Gain, Surpassing $4.78
- Susan SarandonOriginal
- 2024-11-07 22:00:18910browse
The rounding bottom reversal and golden EMA crossover signal strong bullish momentum for RAY. RAY targets the 1.618 Fibonacci level at $6.13
Raydium (RAY) price shows no signs of slowing down as it continues to ascend, having recently crossed the $4 mark and now aiming for higher price levels.
After bouncing off the support zone at the 78.6% Fibonacci level during the recent market sell-off, RAY has begun a strong uptrend. This uptrend is now approaching the 100% Fibonacci level, which coincides with the neckline of a Rounding Bottom Reversal pattern.
Raydium price has now broken above this 100% Fibonacci level, signaling a strong bullish move to the upside. This breakout rally is further supported by the golden crossover of the 50-day and 200-day exponential moving averages (EMAs), which is also occurring around the same price area.
Moreover, the Moving Average Convergence Divergence (MACD) indicator on the daily chart also shows a massive surge in the MACD and signal lines, avoiding a bearish crossover.
To top it off, the histograms have turned bullish again, indicating a surge in buying pressure as RAY price attempts to break out of the $6 resistance zone.
If the breakout rally manages to gain enough momentum, the uptrend is likely to create new all-time highs, especially as the broader market is also recovering from recent losses.
Raydium Price Targets
As RAY price heads higher, it encounters the 1.618 Fibonacci level, which is priced at $6.13.
Considering that the broader market is anticipating a bull run in this Solana-based token, we can expect to see RAY price surge higher.
As the Solana Network grows and T-Bell heads to $6.667 billion, the Raydium protocol is also bound to expand.
After crossing the 1.618 Fibonacci level, the next price targets for Raydium are at $16.78.
Therefore, with a massive upside potential of 250%, Raydium is easily one of the best Solana-based tokens to buy right now.
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