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RAY Price Surge: 20% Jump After Market Dip

RAY Price Surge: 20% Jump After Market Dip

Cryptocurrency News

Raydium (RAY) Price Rebounds

Raydium's RAY token experienced a significant price increase of over 20% following a market correction on Monday. This surge pushed its market capitalization close to $2 billion. Technical indicators suggest potential for continued bullish momentum, but sustaining this upward trend depends on maintaining key support levels.

Strong Performance Indicators for Raydium

Raydium continues to demonstrate strong performance. Revenue exceeded $42 million in the past seven days, outperforming major players like Circle, Uniswap, and even Ethereum. In the last year alone, Raydium generated nearly $1 billion in revenue. Trading volume remains impressive, with approximately $3.4 billion in the last 24 hours and $21 billion over the past week. This highlights Raydium's position as a leading Web3 protocol.

Top Protocols in Fees Generated - Last Seven Days.

Source: DeFiLlama

Technical Analysis: RAY RSI and Price Chart

Raydium's Relative Strength Index (RSI) is recovering, currently at 53.87, a significant increase from 20.8 just two days prior. While above oversold levels (below 30), it hasn't yet reached overbought levels (above 70), indicating a neutral market sentiment. The next trend confirmation will depend on whether the RSI continues its upward trajectory.

RAY RSI

Source: TradingView

The price chart shows a recent correction of 34% between January 30 and February 3, followed by a nearly 30% rebound. A golden cross (where the short-term moving average crosses above the long-term average) may be forming, suggesting further upside potential.

Price Analysis for RAY

Source: TradingView

RAY Price Prediction

Potential upside targets include $7.92 and $8.7, representing a possible 33% increase from current levels. However, support levels exist at $5.85, $5.36, $4.71, and $4.14. A failure to maintain momentum could result in a price drop to these levels.

Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Conduct thorough research and consult a professional before making any investment decisions. Market conditions are subject to change.

Codeum provides comprehensive blockchain security and development services, including smart contract audits, KYC verification, custom smart contract and DApp development, and tokenomics and security consultations. We partner with launchpads and crypto agencies to ensure the security and success of blockchain projects.

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