Despite the ongoing drops, Ray located support and regained momentum after a short pullback. It resumed positive actions and set to break higher for a bigger price movement.
Ray’s performance has been stunning since it formed an inverse head-and-shoulder pattern above the $1.3 level in October. The bullish pattern led to a break through key resistance levels before marking a new one at $3.62 last weekend.
A rejection occurred and the asset started this week in a pullback mode. It found solid ground above $2.9 on Wednesday and increased with a strong close above $3 yesterday. The bulls became more formidable and pushed the price to $3.36, where it is testing a vital resistance level.
Retaking the previous high could activate a bigger surge in volatility before witnessing a major correction capable of rolling the price back to around $2.4 before bouncing back. This could bring a retest at the broken resistance line as support.
Now that the bulls are back in action, we can anticipate more positive actions toward $4 or beyond in the next couple of days. Failure to break higher may result in a serious decrease. For now, the bears are off the market.
RAY’s Key Level To Watch
Source: Tradingview
As of now, the bulls are trying to reclaim the $3.62 resistance. If they succeed, the next buying target would be $4 and $5 in the near term.
While the $2.94 level currently supports the latest bullish move, a break below it could cause serious bleeding in the market. If that happens, the immediate support to watch for a test is $2.65, followed by $2.4 to test the white support line. Below it lies $2.2.
Key Resistance Levels: $3.62, $4, $5
Key Support Levels: $2.94, $2.65, $2.2
- Spot Price: $3.34
- 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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