Ray has recovered significantly from its first quarter loss following a steady increase in the past week. This came after rejecting a yearly low in April. It appears bullish while aiming to retest a key breakdown level. Last month came as a relief period in the crypto space as many altcoins took a U-turn from their wide correctional phase following a major surge in Bitcoin’s price to over $100k. Ray joined the recovery after rejecting a low of $1.4 in the early month and increased to a high of $3.3. Marking resistance at this high in the late month, it initiated drops and pulled back slightly from a recovery phase. Locating support above $2 last week, it rebounded and broke higher to where a daily high of $3.85. Reaching its highest level in two months, it saw a rejection and retraced briefly to where it sits at $3.6. This rejection indicates an interception from the bears’ side as the price approaches a critical trading area, where a serious sell off took place in March, causing a major price crash. Technically, Ray is much more likely to face some hurdles at the $4.12 level. Constant rejections around this mention level could cause some set back in the market. If by any chance the price surpasses this level, more recoveries can be expected in the short-term. For a long-term gain, the price must increase above $9. RAY’s Key Level To Watch Source: Tradingview Overcoming the $4.12 level, which currently serves as resistance, could allow more recoveries to $4.92 and potentially $6.2 in the coming week. Rejecting it may bring us back to the weekly $2.84 support. Below it lies a hidden support of $2.5, along with the monthly $2.2 low. There’s also support at $1.8 in case of a break. Key Resistance Levels: $4.12, $4.92, $6.2 Key Support Levels: $2.84, $2.2, $1.8 Spot Price: $3.6 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. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
