Raydium ;An avenue for DEFI evolution(RAY/USDT Analysis) ðð
âïļHello Crypto community Welcome for introduction of another crypto project.
ðđRank #172
SOLANA token / Market Cap:$315,813,652
Circulating Supply: 82,395,803.61 RAY------------------- 15% /
Max Supply 555,000,000---------------------- ðriskyâ
ðđHolders Statistics:
Top 10 Holders
98.88% ------------------ ðriskyâ
ð°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 Serumâs orderbooks.
RAY is the native utility token used for:
ð·ïļStaking to earn protocol fees
ð·ïļStaking to receive IDO allocations
ð·ïļGovernance votes on protocol decisions
coinmarketcap-raydium.io
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ðð 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 .
ðresistance level: $7.34 -$8//$10.25-$11
ðpivot zone: $5.25-5.85$
âïļsupport levels: $3.15- $3.80/// 2.70 $/// 2.40$
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ðThis analysis is my personal opinion ,not a financial advice ,so do your own research.
ð if you're a fan of my analyses PLZ follow me ,give a big thumbs ð and drop comment ðŊð
ðđRank #172
SOLANA token / Market Cap:$315,813,652
Circulating Supply: 82,395,803.61 RAY------------------- 15% /
Max Supply 555,000,000---------------------- ðriskyâ
ðđHolders Statistics:
Top 10 Holders
98.88% ------------------ ðriskyâ
ð°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 Serumâs orderbooks.
RAY is the native utility token used for:
ð·ïļStaking to earn protocol fees
ð·ïļStaking to receive IDO allocations
ð·ïļGovernance votes on protocol decisions
coinmarketcap-raydium.io
------------------------------------------------------------------------
ðð 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 .
ðresistance level: $7.34 -$8//$10.25-$11
ðpivot zone: $5.25-5.85$
âïļsupport levels: $3.15- $3.80/// 2.70 $/// 2.40$
--------------------------------------------------------------------------------------------------------------------
ðThis analysis is my personal opinion ,not a financial advice ,so do your own research.
ð if you're a fan of my analyses PLZ follow me ,give a big thumbs ð and drop comment ðŊð
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