Raydium's 13% Powerful Rally Suggests $5 Price Target Within Reach

• Raydium made a powerfull comeback break above the key EMA levels
• RAY price surged by 13% in last 24-hours suggesting buyers back in the game.

Raydium (RAY) has shown an impressive technical recovery, which presents a strong bullish indication that the altcoin could be moving into a new upswing. As per CMC data, currently trading at around $3.467 with 13% intraday surge. RAY has managed to move above key exponential moving averages and this is a major change in market sentiment and momentum.

The most prominent movement is that RAY has decisively broken above the 50-day EMA at $2.7954 and the 200-day EMA at $2.8666. This is a double EMA breakout which is a typical bullish pattern in technical analysis and this means that the current bearish trend might have ended and buyers are taking over. The 13% increase in the last 24 hours highlights the power of this breakout and it is likely that there is a real buying interest and not a short-term spike.

To back this bullish thesis, several technical indicators are pointing in the positive direction. The RSI is at 64, which is in healthy bullish ground but not overbought. This reading implies that there is still room to move up before facing any serious resistance of momentum indicators. In the meantime, the MACD has created a bullish crossover, and the signal line has crossed above the MACD line, indicating the positive change in the momentum.

What Next For Raydium (RAY) Price?

Source: TradingviewAnother level of confirmation to the bullish sentiment is the social sentiment indicator. The second chart demonstrates that recent spikes in social sentiment correlate with price movements and indicate that the community is increasingly interested and active in Raydium. This underlying background is usually followed by long-term price changes in cryptocurrency markets.

Price action wise, RAY has created a strong base above the psychological level of $2.00 and has been forming higher lows since June. The recent escape of the consolidation pattern towards the next resistance levels of $4.00 and $5.00 looks technically healthy.

Nonetheless, traders need to pay attention to volume confirmation and look out to see whether there is a possible pullback to retest the just-broken EMA levels as support. The bullish breakout would also be confirmed by a successful retest. Whether the altcoin will be able to sustain its pace above the $3.40 mark will be key in achieving the target of the ambitious $4.00-$5.00 range in the next sessions.

Highlighted Crypto News Today:

‌Bulls Charge ETH Upward, Is Ethereum on the Road to $5K?