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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.