- The sell signal indicates Raydium may soon face price struggles, with strong resistance near $8.1485.
- Fibonacci levels highlight $7.5388 as crucial support while resistance near $9.00 limits upward movement.
- Market watchers are focusing on momentum shifts to predict whether the rally will hold or lead to corrections.
Raydium (RAY) may face a price correction as the TD Sequential indicator triggers a sell signal on its daily chart. Trading at $8.0842, the cryptocurrency recently surged, but resistance at $8.1485 raises questions about sustained momentum. Fibonacci retracement levels further underscore the asset’s precarious position amidst market uncertainty.
Critical Fibonacci Levels Define Support and Resistance
Fibonacci levels provide clarity on Raydium’s price trajectory, with several significant levels emerging as pivot points. The asset surpassed the 1.414 Fibonacci extension at $8.1485 but struggled to maintain momentum above $9.0901, the 1.618 level.
The 1.272 Fibonacci extension at $7.5388 acts as immediate support, while the 1.000 level at $6.5073 offers additional protection. Below these, the 0.786 retracement at $5.7903 may be tested if selling pressure intensifies. Consequently, traders are closely monitoring these levels for any breakouts or reversals.
Moreover, the historical resistance near $9.00 highlights challenges for sustained rallies. Support zones below $7.50 will be critical in maintaining bullish sentiment. Besides, deeper retracements could open doors for broader market corrections.
TD Sequential Sell Signal Suggests Downtrend Risk
The TD Sequential indicator has triggered a “9” sell signal, which historically aligns with potential price reversals or consolidations. This setup appears during overbought market conditions, raising concerns about the asset’s ability to sustain its recent rally.
Notably, Raydium’s price has surged by 6.87% within a single session, reaching an intraday high of $8.2772. However, resistance at $8.1485 coincides with the TD Sequential signal, suggesting limited upside potential.
Additionally, traders are assessing momentum to determine whether the signal represents a short-term consolidation or a deeper pullback. Significantly, key support levels like $7.5388 are under close scrutiny as market sentiment shifts.
Market Sentiment and Observations
Raydium’s technical indicators underscore a precarious phase, with mixed market sentiment and momentum-driven rallies. Fibonacci retracements and the TD Sequential sell signal highlight the potential for near-term downside.
Will Raydium sustain its rally or succumb to selling pressure? Traders should observe key levels and chart developments closely.
The post Raydium Price Faces Key Resistance as Sell Signal Triggers Warning appeared first on Cryptonewsland.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed