Raydium/Tether USDt (RAYUSDT) Market Overview

• Price action on RAYUSDT broke key resistance at $3.50, closing near a 24-hour high.
• Momentum picked up in afternoon ET, with RSI reaching overbought territory and confirming bullish bias.
• Volatility expanded midday, with Bollinger Bands widening and volume spiking sharply.
• Downturn in early hours ET failed to hold below $3.45, suggesting strong near-term support.
• Notable 15-minute bullish engulfing pattern formed at $3.48–$3.49, signaling potential for follow-through.

Price and Volume Snapshot

Raydium/Tether USDt (RAYUSDT) opened at $3.462 on 2025-09-10 at 12:00 ET and closed at $3.480 on 2025-09-11 at 12:00 ET, reaching a high of $3.53 and a low of $3.415. Total volume across the 24-hour period amounted to 1,846,479.2 units, with a notional turnover of approximately $6,168,129.53 (assuming USDt as USD). Price action showed a sharp rally from $3.45 to $3.53 in the early afternoon, followed by a consolidation phase in the late hours.

Structure and Key Levels

Support appears to be firm at $3.45–$3.46, where multiple 15-minute candles found buying interest and failed to break below. Resistance levels are now at $3.50 and $3.53, with the latter being a recent 24-hour high. A notable bullish engulfing pattern formed at $3.48–$3.49, signaling continued bullish momentum. The price then extended into overbought territory, suggesting short-term exhaustion or a potential pullback.

Patterns and Formations

A strong bullish engulfing candle formed at $3.48–$3.49, confirming a reversal from a prior bearish trend. A doji appeared at $3.50, suggesting indecision after the breakout. Later in the day, a long lower shadow at $3.47–$3.48 indicated strong buying pressure near this level.

Moving Averages and MACD/RSI

The 15-minute chart shows the 20-period moving average rising above the 50-period line, confirming a short-term bullish trend. On the daily chart, the 50-period moving average is above the 200-period line, indicating an intermediate-term bullish bias. The MACD (12,26,9) showed a strong positive crossover in the morning and remained in positive territory, with increasing histogram bars. The RSI reached 75–80 during the peak rally, entering overbought territory and suggesting a potential pullback.

Volatility and Bollinger Bands

Bollinger Bands widened significantly midday as volatility increased. Price reached the upper band at $3.50 and $3.53, suggesting potential exhaustion or short-term overextension. The lower band held near $3.45–$3.46, which appears to be a key support zone.

Volume and Turnover

Volume spiked sharply during the breakout in the early afternoon, with a candle at $3.50–$3.51 showing a volume of 271,649.7, the highest of the day. Notional turnover aligned with the price breakout, showing strong confirmation. A divergence between price and volume occurred in the late hours, with price consolidating and volume declining, suggesting potential exhaustion.

Fibonacci Retracements

Applying Fibonacci retracement to the recent swing from $3.415 to $3.53 shows key levels at 38.2% ($3.49) and 61.8% ($3.47). The price appears to have found support at both the 61.8% and 38.2% levels, suggesting these could act as potential turning points for the next 24 hours.

Forward-Looking View

The price action suggests a strong short-term bullish bias, with support near $3.45 and resistance at $3.50 and $3.53. A test of $3.53 is likely if the bullish momentum continues, but a pullback to $3.47–$3.48 could be expected if overbought conditions trigger a correction. Traders should monitor volume and RSI for signs of exhaustion or continuation.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on a bullish engulfing pattern at $3.48–$3.49, with a stop-loss below the recent swing low at $3.45 and a take-profit target at the 38.2% Fibonacci level at $3.49. Given the current momentum and confirmation by volume and MACD, this setup appears to align with the price's directional bias. Further refinement could include a trailing stop once the price clears the 15-minute upper Bollinger Band at $3.50.