RAYDIUM PRICE ANALYSIS & PREDICTION (October 28) – Ray Explodes To 7-Month High But Faces Rejection, Incoming Retracement

2024-10-28 05:11

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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Image Source: aoo3771/123RF // Image Effects by Colorcinch

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