The price of Raydium has been pumping up in the last 2 days, with an increase of more than 30% so far. Before the spike, the price had been steadily increasing since around July 5, when the broader crypto market became bullish.
However, the spike in the last two days has been notable, with large candlestick formations characterizing them.
Raydium has integrated @moonpay, giving its 20M users instant access to the @solana ecosystem! For new users, you can now on-ramp to Solana in seconds. For existing users, you now have off-ramp rails at your fingertips.https://t.co/ouBYKZ06vD
— Raydium (@RaydiumProtocol) July 18, 2024
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Raydium’s major announcement two days ago could have been a key catalyst for the rally. This was about a partnership with MoonPay.
Through this partnership, MoonPay’s 20 million users can access the Solana ecosystem through Raydium. The news brought more attention to the RAY token, causing it to spike very high since then.
Technical Analysis Shows Near-Term Retracement
Based on the price action, the price remains strongly bullish, but it is already approaching resistance at around $2.6.
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Short-term buyers may start to take profit, and this could cause the price to retrace a bit. The Relative Strength Index is also at 73, strengthening the possibility of a short-term retracement.
In the medium term, the resistance at around $2.6 will be crucial for a further price increase. Otherwise, we could see a consolidation or a price drop.
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The post Here’s Why Raydium (RAY) Crypto Price Is Pumping: Technical Metrics Signal Caution appeared first on CaptainAltcoin.
