Once again, Ray found support above the critical $4 level after going through a three-week drop. Price actions may look weak at the moment, but its long-term bullish structure remains intact on the daily chart.

After the mid-January rally that saw Ray to a new high of $8.7, the price fell following rejection and managed to close the month well above $7.

It lost this level amid rising supply and dipped until the price reached a low of $4.15 earlier this week. A quick recovery from this low brought the price back above the $6 level but later lost grip due to mounting bearish pressure. Currently, it is trading at around $5.5.

A further price drop from this trading level could bring us back to the $4 level, which has been a critical support for this market in the past three months. As we can see on the daily chart, several attempts to break through it proved abortive. If by any chance Ray loses this support, it may undergo a short-term correction before regaining strength.

But considering the recent sharp rejection there, a fresh buy is expected anytime soon. That should explode the price to a new high. Despite the drops, Ray is still considered bullish on a macro trend.

Source Tradingview

The $4.78 level is the closest support for Ray along with the $4.15 level that contained bearish pressure earlier this week. If all these price levels collapse due to huge supply, the $3.43 level is the next support to watch.

If the bulls step back to retake the $6.6 resistance, the next push may bring a recovery to $7.92 before breaking out of the main $8.7 high.

Key Resistance Levels: $,6.6, $7.92, $8.7

Key Support Levels: $4.78, $4.15, $3.43

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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Image Source: gregorylee/123RF // Image Effects by Colorcinch

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