- Raydium’s been struttin’ around like a chicken with its head cut off, but the CMF’s whisperin’ sweet nothings of buying pressure.
- Traders, keep your wits about you! If you’re already on the long train, it might be time to cash in those chips.
Well, bless my soul! Raydium [RAY] took a nosedive of nearly 20% since the high-flying days of January 30th. That recent tumble and the bounce that followed were as dramatic as a cat on a hot tin roof, and let me tell you, it scared the living daylights out of many a perpetual trader and investor alike.
The RAY bulls are tusslin’ with the $6.3-$6.5 resistance zone like a couple of old coots at a pie-eating contest. They managed to breach this level just sixteen days ago—can they muster the gumption to do it again? 🤔
Raydium’s price action was on the verge of…
Raydium’s been dancin’ within a range formation that started back in November and lasted till mid-January. Technical indicators are hintin’ at a short-term trend shift, like a squirrel on a power line after a storm.
The high at $7.92 and low at $4.15 were the swing points on the H4 chart, and 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 was a fine reaction to the bad news swirling in the wider market. Talk about a silver lining! 🌥️
The CMF climbed past +0.05, reflectin’ sizable capital inflows, like a river after a good rain. The 20-period moving average was also on the verge of bein’ breached, but the market structure was as bearish as a grizzly in a bad mood.
The Bollinger Bands were wide open, showin’ the high volatility of RAY. The upper BB should serve as a short-term resistance, like a bouncer at a rowdy saloon.
A move beyond $6.3 and some consolidation could offer a buying opportunity, but let me tell you, the market conditions are still as dicey as a game of craps in a smoky backroom.
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 and stronger, like a stubborn mule at a county fair.
So, it’s highly likely that a move to $6.7-$6.8 will pop up in the coming hours, like a jack-in-the-box at a birthday party.
Read Raydium’s [RAY] Price Prediction 2025-26
The psychological $7 level might just be retested too. Given the bearish structure, long traders might want to consider takin’ profits before the whole thing goes belly up.
Longer-term investors can sit tight and wait for a positive reaction from the $6.5-$7 region over the coming days before they start throwin’ their money around like confetti.
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2025-02-05 08:11