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Raydium maintained its bearish structure, but the CMF showed buying pressure. Traders should remain cautious and look to book profits if already in a long position. Raydium [RAY] was down nearly 20% from the high of the 30th of January. The recent drop and the subsequent bounce were of substantial size, and the volatility has liquidated many perpetual traders and scared investors. The RAY bulls’ struggle with the $6.3-$6.5 resistance zone was set to continue once again. They had breached this level just sixteen days ago—can they do it again? Raydium’s price action was on the verge of… Source: RAY/USDT on TradingView Raydium was trading within the range formation established in November, lasting till mid-January. Technical indicators showed a short-term trend shift brewing after recent losses. The high at $7.92 and low at $4.15 were the swing points on the H4 chart. The price bounce from near-the-range lows at $4 and the retest of the mid-range level at $5.17 as support in the past 24 hours were a good reaction to bad news in the wider market. The CMF climbed past +0.05, reflecting sizable capital inflows. The 20-period moving average was also on the verge of being breached. Yet, the market structure was unmistakably bearish. The Bollinger Bands were wide open, highlighting the high volatility of RAY. The upper BB should serve as a short-term resistance. A move beyond $6.3 and some consolidation could offer a buying opportunity, but market conditions were still quite dicey. Source: Coinglass The liquidation heatmap showed that the closest magnetic zones of note were at $6.64 and $5.7. Of the two, the former was closer as well as stronger. Therefore, it was highly likely that a move to $6.7-$6.8 would appear in the coming hours. Read Raydium’s [RAY] Price Prediction 2025-26 The psychological $7 level…

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Filed under: News - @ February 5, 2025 5:22 am