- Raydium (RAY) climbs 14%, priced at around the $1.52 mark.
- The buyers are in firm control and driving the price higher.
As of September 11 in the crypto market, among the digital assets, Raydium (RAY) is trading within the $1.52 range, up by over 14.4%. Its 24-hour volume is settled at around $266.71 million, with a session range between $1.26 and $1.75. Moreover, over the past seven days, the token has climbed from $0.80 to $1.75, an 85.9% gain that puts it at its highest price since January.
On the weekly timeframe, buyers broke through multiple horizontal resistance levels in an explosive expansion from the lower demand floors. Sustaining this price zone above the newly reclaimed levels is what keeps the bullish structure intact. Notably, it opens the path toward higher overhead resistance zones.
On the other hand, StonkFun routing all new launches through Raydium LaunchLab has brought a direct and sustained demand driver to the platform. Tokenised stocks, including Backpacks Grindr token, are now routing through Raydium, expanding its utility beyond traditional DeFi activity. Also, on September 9, Raydium recorded its largest-ever buyback of $640,788, funded by 12% of protocol fees.
Raydiums Major Support and Resistance Levels
Looking at the recent trading chart, Raydiums momentum is experiencing pressure on the upside. The price could rise toward the nearest resistance at $1.76. If the bullish trajectory strengthens even more, it might trigger the emergence of the golden cross. Gradually, it could send the price above $2.
On the flip side, if the bullish support begins fading for Raydium, the price would instantly slip and find the initial support level at around $1.28. Assuming this zone fails to hold, the bearish correction could turn intense and drive the assets price even lower, below $1, with the formation of the death cross.
RAY Technical Setup Points to Potential Upside
The Moving Average Convergence Divergence line and the signal line sit above the zero line. It indicates a strong macro uptrend. Having the MACD cross above its signal line in this upper territory shows that the short-term bullish momentum is accelerating within that existing uptrend.
This alignment confirms strong buying pressure for Raydium, hinting that the buyers are in firm control and driving prices higher. However, because both lines are already elevated above zero, there can be a situation of facing overbought conditions or fading volume.
Besides, the daily Relative Strength Index is at 71.45, in an overbought condition. This suggests that buyers have been in strong control and recent upward momentum has been intense. While an overbought value confirms powerful bullish buying pressure, it also warns that the asset may get stretched in the short term.
In a powerful uptrend, RSI can stay overbought above 70 for extended periods while prices keep climbing. However, it alerts you to a short-term consolidation or a minor pullback as momentum naturally cools down.
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