Technical Analysis for $RAY /USDT
Current Price: $4.99
The price of RAY/USDT is showing a decline, currently down by 7.09%. Based on the price movements, the market sentiment seems to be bearish at the moment, with price testing support levels.
Key Support and Resistance Levels:
Support Levels:
Support 1: $4.98 (recent low)
Support 2: $4.85 (psychological support zone)
Support 3: $4.60 (stronger support from previous price action)
Resistance Levels:
Resistance 1: $5.10 (immediate resistance)
Resistance 2: $5.30 (next resistance zone)
Resistance 3: $5.50 (strong resistance from earlier highs)
Target Levels 🎯:
Target 1: $5.10 – If the price manages to break the current resistance around $5.00, it may reach this level. Watch for signs of bullish reversal and volume spikes.
Target 2: $5.30 – A further upward move could take the price toward $5.30 if support holds and momentum builds in the next few hours.
Target 3: $5.50 – A strong breakout above $5.30 could propel RAY to $5.50, a significant resistance level, especially if bullish momentum continues.
Trade Momentum:
Short-Term (15m, 1h): Currently, the short-term momentum is negative. The price has dropped around 6-7% in the last 1-2 hours, indicating bearish pressure. It is essential to look for any reversal signals (like a bullish candlestick pattern) before entering long positions.
Medium-Term (4h, 1D): The medium-term trend is still bearish, with the price showing a drop of around 14-22% in the past 24 hours. Watch for any support levels to hold around $4.98 and $4.85 for potential reversal points.
Momentum Indicators:
RSI: If RSI is near 30, it may signal an oversold condition and a potential reversal.
MACD: A bullish crossover on the MACD could indicate the start of a positive momentum shift.
Trade Signal:
1. Bearish Setup (Short Position):
Entry: Around $4.99 (if price fails to break $5.10 resistance)
Stop Loss: $5.15 (above immediate resistance)
Target: $4.85 - $4.60
2. Bullish Setup (Long Position):
Entry: Around $4.98 (support level bounce)