- Raydium is broken above the level of $ 2.85, which represents a bullish structure break.
- The approach to the psychological resistance of $ 4 could be stopped with setbacks.
Raydium [RAY] Has been in a steady rebellion for the past eight days. After re -testing the $ 2.2 support zone, Solanas [SOL] Decentralized Exchange -Toks set 64.9% at the time of the press.
Two weeks ago it was reported that Ray Bulls has a strong thing.
Since then it has turned out to be correct, although at the beginning of May a price of 27% saw from $ 3 to $ 2.2. Altcoins have recently been higher and holders can see further profit in the coming days and weeks.
Raydium to then test $ 4, but can it break through?
Source: Ray/USDT on TradingView
Raydium has a bullish market structure on the 1-day graph. It broke a significant lower high set at the beginning of March. In addition, the swing structure of Raydium on the 1-day graph bullishs was reversed.
This previous lower high was $ 2.85. On Saturday, May 10, the prize went beyond this local resistance, and two days later, tested again, was as support before being higher. However, the climb was with a challenge.
The great oscillator has not formed a new higher high, although the price first broke $ 2.85 and the $ 4 resistance did not approach.
This Bearish divergence could see that Ray was unable to challenge $ 4, or unable to break this resistance at the first attempt. The CMF was above +0.05, a sign of strong purchasing pressure.
Source: Ray/USDT on TradingView
At the graph of 4 hours, the capital inflow has not been so fast or certain. The CMF was at -0.02 and had fallen to -0.26 only 36 hours before the moment of writing.
So although the great Oscillator Bullish Momentum showed, a lack of demand could block further profit.
Data from Coinalyze showed speculative importance. The open interest rose from $ 7.8 million to $ 11.26 million within a day when Raydium climbed past the local resistance of $ 3.2.
The financing percentage was positive and showed the bullish market expectations in addition to the rising open interest in the short term.
However, the 1-day Bearish divergence could block the rally or cause a pullback of the $ 4 resistance.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer