Bitcoin News Today: Raydium RAY Surges 18.0% in 24 Hours Testing $3.64 Resistance

Raydium (RAY) has seen a notable price surge, trading at $3.59 as of the latest report after a 18.0% increase within the 24-hour period. The token is currently testing a key horizontal resistance at $3.64, with immediate support holding near $3.04 [1]. This price movement reflects a broader upward trend that began after the asset stabilized above the $3.04 support level, which has historically acted as a foundation for bullish price reactions [1].

The price has climbed from below $2.80 in July, forming consistent higher lows and signaling a potential shift in market sentiment. This recovery has been accompanied by a surge in trading volume, suggesting strong participation from market participants as RAY approaches key resistance [1]. The $3.64 level has previously served as a reversal point, and sustained pressure at this level will determine the next phase of RAY’s movement.

Should RAY manage to break above $3.64, it would open the path toward the next key zone near $4.50. Historical data indicates that this range often experiences rapid price movement with minimal consolidation [1]. However, the market remains within its current 24-hour range, waiting for a decisive breakout. The $3.04 support level remains crucial, as it prevents a return to lower consolidation areas and acts as a psychological floor for traders [1].

The recent rally also reflects a 16.0% gain against Bitcoin, with the RAY/BTC pair trading at 0.00002978 BTC. This outperformance highlights RAY’s relative strength in the current market environment, as it gains traction against broader crypto benchmarks [1].

From a technical standpoint, RAY’s ascent has been supported by consistent higher lows, suggesting a recovery in momentum after previous declines. The volume increase alongside the price movement reinforces the credibility of the current test at $3.64 [1]. If buyers continue to push RAY above this level and maintain strength above $3.04, the next phase of upward movement could begin. Until then, traders and analysts will closely monitor the $3.64 resistance and $3.04 support levels to gauge the short-term direction of the asset.

Source: [1] Raydium Climbs to $3.59, Testing $3.64 Resistance With Support Holding Near $3 (https://cryptonewsland.com/raydium-climbs-to-3-59-testing-3-64-resistan/)