With a breakout from a falling channel, will the Raydium price rally reach $7 and set a new all-time high?
As Bitcoin’s price experiences a short-term recovery, hovering around the $97,000-$98,000 mark, altcoins are quickly bouncing back. Among the top-performing altcoins, Raydium leads the way with a 7.68% rise over the past 24 hours.
Surpassing a $1.5 billion market cap, Raydium is currently trading at $5.20. Will this recovery rally push Raydium to a new all-time high beyond the $6.50 level?
Raydium Price Analysis
On the daily chart, Raydium’s price action shows a strong rally, followed by a pullback. However, the bullish recovery has absorbed the pullback range, which extended from $6.50 to the $4.43 support level.
This pullback represented a nearly 32% drop over 17 days. However, the bullish momentum has picked up with an overnight surge of 10.36%, followed by a 6.02% intraday gain.
Raydium has surpassed the psychological $5 mark and is currently trading at $5.20. This increases the likelihood of a bull run towards the immediate trend-based Fibonacci level of 23.6% at $5.65.
Additionally, the MACD and signal lines on the 4-hour chart are preparing for a bullish crossover, supporting the chances of a continued turnaround. On the daily chart, trend-based Fibonacci levels project the recovery rally to reach the 50% Fibonacci level at $7.01, potentially setting a new all-time high by the end of December.
Raydium Channel Breakout Rally
On the 4-hour chart, Raydium’s pullback phase forms a falling channel pattern. The ongoing recovery has led to a V-shaped reversal rally, breaking above the resistance trendline.
Based on pivot levels, the bullish rally is approaching the $5.33 R1 pivot resistance level. Furthermore, Raydium’s price trend has created eight consecutive bullish candles amid the V-shaped recovery.
Thus, the Raydium recovery suggests a possibility of reaching the pinnacle of the falling channel pattern. This peak stands at $6.50, slightly above the R4 pivot level of $6.34. Based on the pivot level, the new all-time high could potentially reach $6.68.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
