RAYDIUM PRICE ANALYSIS & PREDICTION (March 20) – Ray Enters Recovery Mode After Locating Support, Increases 8% Today
Locating solid ground last week, Ray increased briefly and remained in consolidation for days before showing a little strength this week. It encountered resistance yesterday and now trades calm at the moment.
After testing a six-month low last week, Ray took a break from selling and traded calmly throughout the week. The trading landscape changed a little this week following a steady price increase since Monday.
Yesterday, the crypto faced a rejection and dropped to where it is priced at $1.93. Despite that, the market is still looking positive today, but the next move looks dicey as it trades indecisively over the past hours
If the price continues to increase, Ray could see more recoveries, and at the same time, reclaim some lost key levels during the crash. After that, we can expect bearish actions to resume at full speed.
However, losing momentum from the current trading level could bring the bears quickly back on track. A drop below the last week’s low should set the stage for more losses in the future. But looking at the latest build-up, it will likely gain momentum anytime soon.
Having seen a small recovery in the past week, Ray remains bearish on a mid-term scale. A strong recovery above last month’s breakdown could bring a strong positive sentiment back in the market.
RAY’s Key Level To Watch
A close above yesterday’s $2.1 high should facilitate more surges to a hidden $2.5 resistance level and potentially $3.1. Above this resistance lies the $4 level that broke down last month.
Right now, the market is supported by $1.45. If Ray rolls over, lower support levels to watch for a breakdown would be $1.23 and $1 shortly.
Key Resistance Levels: $2.1, $2.5, $3.1
Key Support Levels: $1.45, $1.23, $1
- Spot Price: $1.53
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
