Raydium Price Surges 13% to Trade at $1.90 as Traders Rush to Buy the Altcoin

The Raydium price surged over 13% in the last 24 hours to trade at $1.90 as of 10:10 p.m. EST as traders rush to buy the altcoin.

The Raydium price surged more than 12% in the last 24 hours to trade at $1.90 as of 10:10 p.m. EST on Friday evening.

As the crypto slid above the resistance at $1.7826, traders rushed to buy the altcoin, pushing up the token further.

With the recent gain, the RAY price has extended its bullish weekly performance. As a result, the crypto is up more than 22% on the 7-day time frame.

Raydium Price Breaks Out Above A Sideways Channel

The Raydium price was able to break out above a short-term consolidation channel that had been forming between $1.4591 and $1.7826, according to data from Geckoterminal.

After escaping this sideways channel, the crypto now has the room to rise and potentially try to flip the resistance at $2.1277 into support. A breach of this barrier might result in RAY reaching $2.5374.

However, a sudden drop due to a sell-off or a change in market trends might mark the end of RAY’s bullish move. In this alternative scenario, the Raydium price will likely drop back within the sideways channel.

If bears then take control, the altcoin could end up falling below the $1.4591 support and possibly reach as low as $1.0710.

Bulls Still In Control Of The Raydium Price

From a technical perspective, indicators on RAY’s 4-hour chart suggest the crypto’s price might continue to rise in the next few hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) show bulls are currently in control.

In the last couple of hours, RSI readings have risen from the low 40s to the mid 60s. This indicates growing buyer strength, while the current reading below 70 suggests there is still room for RAY to rise before it reaches overbought conditions.

Meanwhile, the MACD line also crossed above the MACD Signal line in the last couple of hours to trigger a major bullish technical flag and indicate that the Raydium price has entered a positive trend. Now, with the gap between the two lines starting to grow, it seems RAY’s bullish momentum is picking up steam as well.