Ethereum News Today: Raydium (RAY) surges 36% in 30 days as Ethereum (ETH) gains 25%

Raydium (RAY) has been gaining traction in the broader cryptocurrency market, which has been experiencing a bullish wave. Ethereum (ETH) has surged 25% over the past week, trading above $3,700, and this positive sentiment has extended to other promising altcoins, including RAY. Over the last 24 hours, RAY has posted a 4% gain, contributing to a 36% rally over the past 30 days, with the token now trading near $2.88.

A developing harmonic structure on the daily chart suggests that RAY has more room to run. Specifically, RAY is currently forming a Bearish ABCD harmonic pattern, which, despite its name, includes a strong bullish CD leg as part of the final move before a potential reversal. This pattern initiated at Point A near $0.84, moved upward to Point B, retraced to Point C around $1.73, and is now advancing toward Point D. RAY is mid-way through this CD leg, signaling the most explosive part of the move.

Additionally, RAY is approaching a key technical resistance zone—the 200-day moving average at approximately $3.24. Clearing this level could confirm bullish strength and open the door for a continued rally. If the CD leg plays out as expected and RAY breaks above the 200-day moving average, the next upside target lies at the Potential Reversal Zone (PRZ)—the 1.16 Fibonacci extension of the BC leg—which projects a move towards $4.20. This represents a 45% upside from the current price and aligns closely with the symmetry of the AB leg, as shown in the harmonic diagram.

However, RAY must maintain support above the 100-day moving average, which currently provides a soft floor for the uptrend. A breakdown below this area could invalidate the pattern and put short-term bulls on the defensive. It is important to note that this article is for informational purposes only and does not constitute financial advice. Always perform your own due diligence before investing in cryptocurrencies.