- Raydium’s shows bullish potential, but resistance and bearish signals raised concerns.
- Increasing supply on exchanges and declining network growth hinted at rising sell pressure.
Raydium [RAY ($8.17)] has seen remarkable weekly growth, positioning itself as one of the top-performing tokens in the decentralized finance space.
At press time, RAY was trading at $7.88, reflecting a slight 2.26% daily dip but still maintaining impressive weekly gains of over 60%.
The TD Sequential sell signal on the daily chart has raised concerns about potential bearish momentum as the price nears critical resistance levels.
Can Raydium sustain its upward trend, or is a pullback inevitable in the short term?
RAY’s price action signals mixed possibilities
Raydium’s price breakout from the correction area has reinforced its bullish narrative. The Cup and Handle formation on the monthly chart highlights a long-term trend reversal, suggesting higher price targets.
However, the press time trading range near $8 has proven to be a strong resistance zone, with the press time dip emphasizing the struggle to maintain momentum.
If RAY fails to break above this level, a retracement could be on the cards, raising conce…
