Raydium (RAY) Price Prediction: Bullish Structure Confirms "Trend Breakout", Long Positions' Next Target is $3.60

Raydium (RAY) has been showing a continuous upward trend recently. After a significant trend reversal at the beginning of July, the price is currently testing a strong resistance level around 3.60 USD. Today (23rd) during the Asian afternoon session, the RAY price is reported at 3.34 USD.

Due to the momentum still continuing, many people are focusing on whether the RAY price can continue to pump, or if a correction is imminent.

The current trading price of RAY is approximately $3.34, with a daily pump slightly above 3%. From the 4-hour chart perspective, this trend did not come out of nowhere, but has been building since the beginning of July.

RAY breaks above 200-SMA confirms trend reversal

In June, the price of RAY continued to decline, trading well below its 200-period simple moving average (SMA). However, this situation reversed on July 7, when the price successfully broke through the 200-period SMA, a level that typically indicates a trend reversal.

Since then, the RAY price has been forming higher highs and higher lows, which is exactly what a bullish structure looks like.

The same 200-hour moving average (currently around $2.39) has become a support level. As long as the price remains above that level, the bullish tendency still exists.

(Source: Trading View)

Raydium Trendline maintains pump

Since the breakout, there has been an upward trend line guiding the price movement. This trend line has held multiple times, and on July 19, RAY also had a clean and sharp rebound, moving towards the resistance level of 3.60.

So far, the bulls have dominated, and the RAY price has never dropped below that trend line. If that trend line continues to hold, the upward path remains open.

RAY Market Outlook

On the downside, if the price retraces, the 2.90-3.00 USD range will be a minor support level. The trend line itself provides nearby support, while the 200-hour moving average is a deeper support level that should be noted.

On the positive side, $3.60 is an important level worth breaking through. If it can fully break through this level, the RAY price is expected to surge towards $3.90 or even $4.00 in the short term. If the trading volume increases, this trend may arrive soon.

Currently, the trend of RAY looks healthy, but traders should closely monitor the level of 3.60 dollars to see if the momentum continues.