Raydium (RAY) Crypto Price Is Pumping: Technical Metrics Signal Caution

The price of Raydium has been pumping up in the last 2 days, with an increase of more than 30% so far. Before the spike, the price had been steadily increasing since around July 5, when the broader crypto market became bullish.

Raydium (RAY) crypto has seen a massive price increase of over 30% in the last two days. This spike in price comes after a period of a gradual increase since early July, coinciding with the broader bullish trend in the crypto market.

The price spikes in the last two days have been particularly noticeable, with large candlestick formations characterizing them.

Raydium's partnership with MoonPay, announced two days ago, has likely played a key role in driving this rally.

This partnership enables MoonPay's 20 million users to access the Solana ecosystem via Raydium. The news brought significant attention to the RAY token, contributing to its substantial price increase since then.

Technical Analysis Suggests Near-Term Retracement

The price action on the chart still indicates a strong bullish trend, approaching resistance at around $2.6.

However, short-term buyers may opt to take profit, which could lead to a slight retracement in price. This possibility is also supported by the Relative Strength Index, which currently stands at 73.

For the medium term, the resistance at around $2.6 will be critical for further price appreciation. If the price fails to break through this level, we can expect consolidation or a decrease in price.

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