Radium has made a strong comeback, surpassing key exponential moving average levels.
The price of RAY has increased by 13% in the last 24 hours, indicating a return of buyers to the market.
Radium (RAY) has shown a significant technical recovery, representing a strong bullish indicator that the altcoin may be heading towards a new upward wave. According to CMC data, it is currently trading at around $3.467, with a daily increase of 13%. RAY has managed to surpass the key exponential moving averages, marking a significant change in market sentiment and momentum.
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The most notable movement is that RAY has decisively broken the 50-day exponential moving average at $2.7954 and the 200-day exponential moving average at $2.8666. This is a double exponential moving average breakout, a typical bullish pattern in technical analysis, indicating that the current downtrend may have ended and buyers are taking control of the market. The 13% rise in the last 24 hours highlights the strength of this breakout, and there is likely to be genuine buying interest rather than a sharp short-term spike.
To support this bullish theory, several technical indicators point to a positive trend. The Relative Strength Index (RSI) is at 64, which is in a good bullish zone but not overbought. This reading suggests that there is still room for upward movement before facing any strong resistance from momentum indicators. Meanwhile, the MACD has formed a bullish crossover, with the signal line crossing above the MACD line, indicating a positive change in momentum.$BTC
What’s next for the price of Radium (RAY)?
Source: Tradingview
The social sentiment index is another indicator to confirm the bullish trend. The second chart shows that the recent rises in social sentiment are correlated with price movements, indicating increasing interest and activity from the Radium investor community. Typically, this fundamental backdrop follows long-term price changes in cryptocurrency markets.
In terms of price action, Radium has formed a strong base above the psychological level of $2.00, creating higher lows since June. The recent breakout from the consolidation pattern towards the next resistance levels at $4.00 and $5.00 appears technically positive.
However, traders must pay attention to volume confirmation and watch for any potential pullback to retest the recently broken exponential moving average levels as support. A successful retest will confirm the bullish breakout. The altcoin's ability to maintain its trading pace above the $3.40 level will be a key factor in achieving the ambitious range target between $4.00 and $5.00 in the coming sessions.
