Bullish Raydium price predictions following the formation of a bullish pennant on the daily chart of the RAY/USD pair finally came to pass, after an intense 3-day demand surge in the RAY/USD pair sent the pair soaring to new highs.
The completion of the bullish pennant allowed bulls to enter the fray, driving the price beyond the completion point of the measured move. But as we have seen so often in the cryptocurrency market, the early buyers quickly offloaded their positions after prices had hit the roof, leading to a correction on the pair.
The RAY/USD pair is presently down by 4.21%, with selling pressure dominating the market.
The decline from the tops seen at 17.8 on Saturday 28 August appears to have found support at the 50% Fibonacci retracement level (10.707). This price point also marks the support for Sunday 29 August. If fresh bids come in at this point, a bullish Raydium price prediction playbook could be on the cards. This would bring up 12.38 (38.2% Fibonacci retracement level) and 14.45 (23.6% Fibonacci retracement level) becoming the additional targets.
On the flip side, continued selling on the RAY/USD pair puts 10.707 at risk. If this support breaks down, 9.033 (61.8% Fibonacci retracement) becomes the new target. 6.61 (78.6% Fibonacci retracement) is a price mark that has been tested previously, and it could become available once more if the decline continues.
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