After holding well above $1.2 during the correction phase, RAY slowly regained momentum and later exploded with a double bottom. It tested a seven-month high today but slightly lost grip due to a rejection.
Ray’s latest rally was triggered by a surge from base support of $1.56 three weeks ago, although it faced some hurdles under the critical $2 resistance level (now support) before the price broke out.
That breakout brought a surge in volatility and the price exploded to a high of $3.19 after seven months of trading. Due to a sudden rejection, it retraced briefly from that high and fell to a daily low of $2.76. It has recovered from there and now trades above $3.
A continuous surge in volatility could bring full recovery to the key $3.3 level, where it initiated a correction in March. Technically, that level marks a major breakpoint for a long-term bullish momentum.
If Ray surpasses that key level, a bigger rally should be anticipated. The key price range for such a rally would be $10 shortly. However, trading looks calm at the time of writing.
Considering the recent rejections, buying pressure seems to be reaching an exhaustion point on the daily timeframe. Ray may initiate a small retracement if a drop occurs before resuming bullish.
RAY’s Key Level To Watch
Looking ahead, it may retake the current daily high in the next few hours. Breaking through March’s high could rally the price to $4 in no time. The next level to watch for an increase is $5
There are a lot of supports for Ray towards the downside. For a pullback, the $2.7 and $2.4 levels are the closest support for a rebound. Below it lies $2.2.
Key Resistance Levels: $3.3, $4, $5
Key Support Levels: $2.7, $2.4, $2.2
- Spot Price: $3
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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