technical analysis for $RAY /USDT with trade signals, three target levels, and momentum:
Technical Analysis:
Current Price: $5.17
24h High: $5.381
24h Low: $4.892
Trend Analysis:
The price of RAY/USDT has recently seen a positive movement (+2.15%), showing bullish momentum. The current price is near the middle of the recent trading range, suggesting potential for both upward and downward movement based on market conditions.
Key Levels:
Support: $4.892 (24h low)
Resistance: $5.381 (24h high)
Strong Support Zone: $5.00 (psychological level and previous consolidation area)
Target Levels:
1. Target 1 (Short-Term): $5.30
This target is based on the near-term resistance zone. If the price breaks above $5.17, there could be upward momentum toward this level.
2. Target 2 (Medium-Term): $5.50
A higher resistance level where the price could face some consolidation. A breakout above this level may signify a continuation of bullish momentum.
3. Target 3 (Long-Term): $5.75
This target assumes a sustained bullish trend, with the price advancing towards this upper resistance level.
Trade Signal:
Buy Signal: If the price holds above $5.00 and breaks through $5.17, consider entering a buy position with targets at $5.30, $5.50, and $5.75.
Sell Signal: If the price drops below $5.00 and breaches the $4.892 support, a sell signal would be triggered with the next support level around $4.75.
Momentum:
Bullish Momentum: The current positive price action (+2.15%) combined with healthy 24h volume suggests bullish sentiment. If the price remains above the $5.00 level, the upward momentum should continue toward the target levels.
Bearish Momentum: A break below $4.892 (24h low) would shift momentum to the downside, and the next potential support could be around $4.75.
Trade Recommendation:
Entry: Consider entering long above $5.17 with the potential for further gains if the price approaches the target levels.
Stop Loss: Place a stop loss below $4.85 to limit risks if the market reverses.