RAY has emerged as the top-performing crypto asset in the market today, soaring 20% in 24 hours and extending a strong rally that began in early April.
As of this writing, the altcoin trades at a three-month high of $3.70, and bullish indicators point to further price rallies.
RAY Climbs 60% in 7 Days, Signals More Upside Ahead
Since April 8, the RAY token has maintained a steady uptrend, posting new daily highs as bullish momentum builds. Over the past seven days alone, the token’s price has surged nearly 60%, pushing it to a three-month high of $3.70 at press time.
The surge comes amid increasing investor confidence, as the token trades well above its 20-day Exponential Moving Average (EMA) on the daily chart. This key moving average forms dynamic support below RAY’s price, preventing it from significant dips.
RAY Price Analysis. Source: TradingView
An asset’s 20-day EMA measures its average price over the past 20 trading days, giving weight to recent prices. As with RAY, when an asset’s price trades above its 20-day EMA, short-term momentum is bullish, and buyers are in control. This signal suggests continued upward movement, especially if the token’s price consistently holds above that level.
Further, RAY’s Super Trend indicator, which rests below its price, adds to the bullish outlook. This indicator helps traders identify the market’s direction by placing a line above or below the price chart based on the asset’s volatility.
RAY Super Trend Line. Source: TradingView
When an asset’s price trades below the Super Trend line, it signals a bearish trend, indicating that the market is in a downtrend and selling pressure is dominant.
Conversely, when the line is below an asset’s price, the market is bullish, with buying pressure exceeding selloffs among market participants. This confirms the demand for RAY and hints at a sustained rally if buying activity is maintained.
Will Resistance or Profit-Taking Win?
Thanks to its double-digit rally over the past day, RAY’s price has bounced off the support floor formed at $3.11. With strengthening bullish pressure, RAY could extend its gains and rally to $4.18.
RAY Price Analysis. Source: TradingView
On the other hand, if traders resume profit-taking, this bullish projection will be invalidated. The RAY token price could fall to $3.11. If the bulls fail to defend this level, its decline could reach its 20-day EMA at $2.88.
