Raydium (RAY) and PYTH Approaching Key Levels: Is a Breakout on the Horizon?

As the prices of the Raydium (RAY) and PYTH tokens get closer to important benchmarks, they both exhibit encouraging indications of increasing momentum.

Cryptocurrency prices continue to fluctuate rapidly, and keeping up with the latest movements can be challenging. To help you stay informed, we've compiled a summary of some of the most recent developments.

Raydium (RAY) and PYTH tokens are both exhibiting encouraging signs of increasing momentum as their prices approach key levels.

Both tokens have experienced significant price increases over the past day, with PYTH leading the way with a 9.10% gain. RAY's price has also seen a substantial pump of 6.79%.

As these cryptocurrencies approach possible breakout zones, analysts are offering their perspectives on whether the bullish trends will persist or encounter resistance.

Raydium (RAY) Shows Bullish Momentum Post-Breakout

World of Charts highlights the recent breakout from a symmetrical triangle pattern on Raydium's (RAY) chart.

Before this movement, RAY had been consolidating within the triangle, testing support and resistance levels multiple times.

The breakout was accompanied by a notable increase in trading volume, which indicates strong buying interest.

According to World of Charts, RAY's price has gained almost 20% since this breakout, and the analyst notes that there is still potential for further gains.

The breakout led to the previous resistance line transforming into a support zone around the $2.20-$2.30 range.

Traders might consider monitoring this area, as a successful retest of this support could affirm bullish sentiment. With this momentum, RAY could aim for higher targets as long as volume sustains and support holds.

PYTH Price Faces Resistance as It Attempts to Breakout

Pyth Network (PYTH) experienced a 9.10% price increase, bringing it closer to critical resistance levels. However, the asset has yet to confirm a breakout, remaining below key diagonal resistances and exponential moving averages (EMAs).

Top analyst Waleed Ahmad shared that PYTH's price has been ‘knocking on the door' of resistance but has not yet secured a breakthrough.

He noted the importance of certain EMAs and the 0.5 diagonal Fibonacci level as barriers that PYTH's price must overcome for a sustained upward trend.

The chart analysis shows that PYTH has been consolidating after a prolonged decline earlier this year.

The current support zone has prevented further downside, acting as a solid base for potential bullish movements. However, a confirmed breakout above these resistance zones is essential to signal the start of a new bullish phase.

Key Technical Levels to Watch

For Raydium (RAY), the breakout has already set a new trading range, with the previous upper trendline now acting as support. Traders will likely watch for continued buying interest around this level. Indicators suggest that a continuation of the uptrend could push RAY toward its projected target zone.

In contrast, PYTH remains in a critical position, near converging resistance points, including diagonal lines, EMAs, and Fibonacci retracement levels. A clear break and close above these would indicate a potential reversal from the consolidation phase, making PYTH a candidate for a bullish breakout.

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