As the prices of the Raydium (RAY) and PYTH tokens get closer to important benchmarks, they both exhibit encouraging indications of increasing momentum.
Moreover, PYTH’s price is up by 9.10%, while RAY’s price has seen a 6.79% pump over the past day. Analysts are offering their opinions on whether the bullish trends will persist or encounter resistance as these cryptocurrencies approach possible breakout zones.
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Raydium (RAY) Shows Bullish Momentum Post-Breakout
Raydium’s (RAY) recent price action has been marked by a clear breakout from a symmetrical triangle pattern. Before this movement, RAY had consolidated within the triangle, testing support and resistance levels multiple times.
The breakout was accompanied by a notable increase in trading volume, which indicates strong buying interest. World of Charts mentioned RAY’s price has gained almost 20% since this breakout, and the analyst noted that there is still potential for further gains.
Image Source: X/Worldofcharts
The breakout led to the previous resistance line transforming into a support zone around the $2.20-$2.30 range. Traders might consider monitoring this area, as a successful retest of this support could affirm bullish sentiment. With this momentum, RAY could aim for higher targets as long as volume sustains and support holds.
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Show more +Show less – PYTH Price Faces Resistance as It Attempts to Breakout
Pyth Network (PYTH) experienced a 9.10% price increase, bringing it close to critical resistance levels. However, the asset has yet to confirm a breakout, remaining below key diagonal resistances and exponential moving averages (EMAs).
$PYTH has been knocking on the door for a while now… Soon but no confirmation yet. We still have some key EMAs as well as 0.5 diagonal fb level above but something to keep an eye on! #PYTH #Crypto #Alts #Bitcoin #BTC pic.twitter.com/pYnDmRQVI1
— Waleed Ahmad (@waleedahmad82) October 24, 2024
Top analyst Waleed Ahmad shared that PYTH’s price has been ‘knocking on the door’ of resistance but has not yet secured a breakthrough. He noted the importance of certain EMAs and the 0.5 diagonal Fibonacci level as barriers that PYTH’s price must overcome for a sustained upward trend.
The chart analysis shows that PYTH has been consolidating after a prolonged decline earlier this year. The current support zone has prevented further downside, acting as a solid base for potential bullish movements. However, a confirmed breakout above these resistance zones is essential to signal the start of a new bullish phase.
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Key Technical Levels to Watch
For Raydium (RAY), the breakout has already set a new trading range, with the previous upper trendline now acting as support. Traders will likely watch for continued buying interest around this level. Indicators suggest that a continuation of the uptrend could push RAY toward its projected target zone.
In contrast, PYTH remains in a critical position, near converging resistance points, including diagonal lines, EMAs, and Fibonacci retracement levels. A clear break and close above these would indicate a potential reversal from the consolidation phase, making PYTH a candidate for a bullish breakout.
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The post Raydium (RAY) and PYTH Approaching Key Levels: Is a Breakout on the Horizon? appeared first on CaptainAltcoin.
