Altcoins News
By Maheen Hernandez
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Raydium (RAY) is currently facing a critical test of support as bearish momentum continues to drag the token downward.
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Initially, the surge in buying volume in May suggested strong momentum that could have propelled RAY toward the $4 mark.
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Raydium’s 1-day market structure has turned decisively bearish. Price has been trapped within a wide range between $2.4 and $3.4 since April, and the breakout above $2.
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The Chaikin Money Flow (CMF) has been well below -0.05 for the past two weeks, reflecting heavy capital outflows from the Raydium market.
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A closer look at liquidation data reveals additional downside risk. Coinglass’s 1-month liquidation heatmap shows significant clusters of liquidity in the $2.2 to $2.3 range.
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Interestingly, the heatmap also points to potential support just below current levels. A reversal from the $2.2–$2.
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Looking further out, the 3-month liquidation heatmap indicates that there’s an even larger pool of liquidity at the $2 level.
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For bulls, defending the $2.2 zone is crucial. A bounce from this area, accompanied by increasing volume and improving momentum indicators, could help Raydium recover and…
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As it stands, the pressure is on Raydium’s buyers to prove they still have the strength to turn the tide. Until a clear reaction emerges from the $2.
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