Raydium ;An avenue for DEFI evolution(RAY/USDT Analysis) 📈📉❇️Hello Crypto community Welcome for introduction of another crypto project.
🔹Rank #172
SOLANA token / Market Cap:$315,813,652
Circulating Supply: 82,395,803.61 RAY------------------- 15% /
Max Supply 555,000,000---------------------- 📛risky❌
🔹Holders Statistics:
Top 10 Holders
98.88% ------------------ 📛risky❌
🔰WHAT'S Raydium( RAY) ?
Raydium is an automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralized exchange (DEX). Unlike any other AMMs, Raydium provides on-chain liquidity to a central limit orderbook meaning that funds deposited into Raydium are converted into limit orders which sit on Serum’s orderbooks.
RAY is the native utility token used for:
🏷️Staking to earn protocol fees
🏷️Staking to receive IDO allocations
🏷️Governance votes on protocol decisions
coinmarketcap-raydium.io
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📈📉 TECHNICAL
As you can see on the DAILY timeframe for RAY/USDT , It is trading about $3.85 right now.
As you can see, RAY dropped by more than 80 % by downfall of bitcoin at the same time, a recently reached to its support and demand range area , so now I expect a little correction and rise at least to pivot range box , But in order to have a bullish scenario it as always depend to whole condition of crypto market and BTC situation. thus we need consider all possible trend ,either up or down or even range , but in order to have bullish rally it needs to overcome the pivot zone then its descending trend line and resistances.
but if the market trend became bearish again it can go down even below its support area .
🛑resistance level: $7.34 -$8//$10.25-$11
🆚pivot zone: $5.25-5.85$
❇️support levels: $3.15- $3.80/// 2.70 $/// 2.40$
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👉This analysis is my personal opinion ,not a financial advice ,so do your own research.
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