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
Source: Tradingview
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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