As Bitcoin recovered this week, most altcoins have bounced well from their recent lows, with Ray posting a significant gain in the past 48 hours. It’s on the verge of breaking up following a reversal formation.
Last month marked a temporal halt in Ray’s short-term bearish move after a month breakdown from the crucial support level. Luckily, the $1.45 level produced support and the price increased for two weeks. It faced multiple rejections at $2.1 last week, and the price rolled over.
This led to a bearish weekly start, but the crypto later established support after managing to stay above the previous monthly low on Monday. The price increased steadily to where it is trading at $2 at the time of writing.
A successful surge above last week’s high should validate the double-bottom pattern forming in the past month. This bullish reversal pattern should set the market up for a huge rally while recovering lost levels.
The main level to watch for such a rally lies at the crucial $4 resistance broken as support during late February’s crackdown. A rejection should be expected as soon as the price tests this crucial resistance level.
Failure to reject it could trigger more recoveries to the main top. This should bring a complete trend reversal when the market breaks higher.
RAY’s Key Level To Watch
Source: Tradingview
Overcoming the $2.1 resistance level, which has been a major barrier for the bulls over the past month, the $2.5 and $3.1 levels are the next key resistance to watch on the way up.
For now, the $1.8 level is considered a support in case of a pullback. The main support is located at $1.455. A drop off this level could plunge the price to $1.23 and potentially $1.
Key Resistance Levels: $2.1, $2.5, $3.1
Key Support Levels: $1.45, $1.23, $1
- Spot Price: $2
- Trend: Bullish
- Volatility: Low
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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