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The Korean exchange has launched the RAY/KRW and RAY/USDT trading pairs, causing Raydium's stock price to soar by 18%.
Gate News On Thursday (June 19), during the early trading session in Asia, the price of Raydium (RAY) soared over 18%. The main reason for this price surge is that South Korea's largest Crypto Assets exchange announced the launch of RAY/KRW and RAY/USDT trading pairs, with trading set to open at noon on June 19 (local time).
This statement drove RAY up, as listing on the exchange increased the token's liquidity, exposure, and credibility, enhancing its bullish prospects.
The derivative data further supports this wave of growth. According to CoinGlass, the open interest of RAY futures on the exchange surged from 17.49 million USD on Wednesday to 32.48 million USD on Thursday, nearly doubling the previous day's level and reaching the highest point since mid-May.
The increase in open interest indicates that new or additional funds are entering the market, along with new buying pressure, which suggests that the price of RAY will rise.
(Source: CoinGlass)
FXStreet analyst Manish Chhetri stated that on Wednesday, the price of Raydium retested and found support near the key psychological level of 2 USD. If RAY continues its upward trend and closes above the 50-day exponential moving average (EMA) of 2.52 USD, it may continue to rise until the next daily resistance level of 3.05 USD.
The Relative Strength Index (RSI) on the daily chart has risen by 49 points, approaching its neutral level of 50, indicating that bearish momentum is weakening. To maintain bullish momentum, the RSI must break through the neutral level. The Moving Average Convergence Divergence (MACD) on the daily chart is also forming a bullish crossover. If the MACD indicator shows a bullish crossover, it will issue a buy signal, signaling an upward trend.
(Source: FXStreet)