Raydium $RAY Approaches Breakout — Will $4 Be the Next Target?

Raydium's $RAY Price Analysis

• Current Price Movement: $RAY is currently trading within a tightening symmetrical triangle, testing resistance around $3.70. A breakout above this level could target $3.99, $4.26, and $4.40 based on Fibonacci extensions.

• Recent Performance: The token has experienced an 8.19% increase in the last 24 hours, indicating rising buying pressure as it approaches the breakout point.

Price Action and Technical Indicators

• Symmetrical Triangle Formation: Since mid-August, $RAY has been consolidating within a symmetrical triangle, starting from a low of $3.12 on August 12 and peaking near $3.90 around August 13-14. The price has shown classic signs of consolidation with lower highs and higher lows.

• Key Fibonacci Levels: The Fibonacci retracement levels indicate significant price zones, with support at $3.63 (0.618 level) and resistance near $3.78 (0.786 level). A break above $3.70 could lead to rapid gains towards $3.99 and higher.

Volume and Momentum Indicators

• Trading Volume: The 24-hour trading volume for $RAY is robust, exceeding $142 million, which supports the recent price increase and reflects heightened buying interest.

• Momentum Indicators: The Relative Strength Index (RSI) is on the rise but remains below overbought levels, suggesting that there is still potential for further upward movement. Traders are closely monitoring for sustained buying above $3.70 to confirm a breakout.