For greater than two months, the RAY token price retested the essential assist of $9.1 a number of instances, indicating the presence of intense demand stress under this degree. As for now, the token value is once more attempting to bounce again from this backside degree, and this time with the assistance of bullish divergence in RSI, will the RAY token provoke a major rally from right here?

Key technical factors:

  • The RAY token value attempting to reclaim the 50-day EMA
  • The each day RSI chart signifies a bullish divergence for RAY value
  • The intraday buying and selling quantity within the RAY token is $146.7 Million, indicating an 86.5% loss.

Supply- RAY/USD chart by Tradingview

For the reason that sudden fall in September, the RAY token price was wavering across the assist degree of $9.1. This is a vital assist degree for the bulls, and all of the makes an attempt of sellers attempting to drop the worth decrease had been stopped by this degree.

After the latest assist the worth took from this backside degree, the Relative Power Index(51) displayed a bullish divergence in its chart, suggesting the market patrons are rising in energy.

Moreover, the ZIL token value is at present buying and selling at $10.5 and is 18% up from this backside assist degree. The worth is at present attempting to cross above the 50 EMA line, which ought to present much more affirmation for the merchants. 

RAY/USD 4-hour Time Body Chart

TradingView Chart

Supply- RAY/USD chart by Tradingview

The technical chart of the RAY token indicated a double backside sample within the 4hr time-frame chart. The token value is at present on the doorstep of the $10.5 neckline of this sample, and a breakout from this resistance ought to present an incredible lengthy alternative for crypto merchants.

In accordance with conventional pivot ranges, the crypto merchants can anticipate the following resistance at $10.68, adopted by $11.36. As for the alternative finish, the assist ranges are $9.eight and $9.1.

 

Disclaimer

The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.

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Author: Cryptodaddy