Ray , along with several other Defi projects are down today due to the ongoing drops across the crypto space. However, its macro bullish trend remains intact but the market is still under correction. The past week marked another major milestone for Ray as it exploded significantly to a new high of $8.7 after taking a little break. It later failed to advance above the mentioned high and cooled off at once. This led to a sharp decline and the price entered a pullback mode. Up till now, the asset is still yet to find a solid ground. Although the $6.2 level has provided a temporary support since the start of the week, there’s no assurance if it will hold. A strong hold above this temporal support could bring buying pressure back in the market while the bulls slowly regroup. If that happens, we can expect another bullish phase until the market reaches an overbought condition on the daily chart. On the other hand, Ray may continue to lose momentum daily. A drop below the $6 level should set the market for a bigger loss until the asset finds a strong threshold to initiate a buy. Ray’s price may look weak daily, but it is important to note that its long-term structure remains bullish. RAY’s Key Level To Watch Source: Tradingview As it stands now, Ray is facing down, eyeing the minor $5.85 level. Losing this minor level could drag the price down to the $4.78 support and potentially $3.8 in the near term before bouncing back. While there’s currently no move to the upside, the potential resistance level for a test is $7.42 and $8.7. If those level flips, a new high may come around $10 or even beyond. Key Resistance Levels: $7.42, $8.7, $10 Key Support Levels: $5.85, $4.78, $3.8 Spot Price: $7 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. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: crazyass/ 123RF // Image Effects by Colorcinch
