Raydium (RAY) price jumps after being listed on South Korean exchange Upbit. Will the momentum last? Let's dive into the analysis.
Hey crypto enthusiasts! Raydium (RAY) is making waves, and it's all thanks to a recent listing on Upbit, South Korea's largest crypto exchange. Let's break down what's happening and what it could mean for RAY.
Upbit Listing Ignites Raydium Price Rally
On June 19, 2025, Upbit officially listed RAY, offering RAY/KRW and RAY/USDT trading pairs. This immediately reversed a 35-day downtrend, sending RAY's price soaring nearly 50%! The listing significantly boosts RAY's visibility, liquidity, and investor confidence.
Key Observations and Technical Analysis
The initial surge pushed RAY toward the $3 mark, but the price faced resistance. Analysts observed a double-bottom pattern forming, supported by bullish divergence on the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators. This suggests the potential for further upward movement.
Currently, RAY is navigating between $1.80 and $2.50 on the 4-hour chart. The Relative Strength Index (RSI) sits at 52.30, hinting at slightly bullish momentum. A break below $2.00 could signal weakness, while holding above it builds a case for testing the $2.50 resistance. If that holds, a breakout towards $3.00 remains a possibility by the end of the month.
Derivatives Market Heats Up
Raydium's derivatives market is also experiencing a surge. Trading volume skyrocketed by a staggering 1,443.75%, totaling $293.45 million! Open interest also jumped 35.47% to $23.35 million, showing increased commitment from traders.
A Word of Caution
While the Upbit listing provides a positive catalyst, it's important to note that the initial price spike was corrective in nature. According to wave pattern analysis, RAY might hit resistance between $2.90 and $3.12 before a potential downward correction.
Final Thoughts
Raydium's Upbit listing has undoubtedly injected some excitement into the market. The price surge and increased trading activity are encouraging signs. Whether RAY can sustain this momentum remains to be seen, but one thing is for sure: it's a token to watch closely. So, keep your eyes peeled, and remember to always do your own research before making any investment decisions. Happy trading, y'all!
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