Today's market for RAY: A tug-of-war between bulls and bears, is it a buildup for a breakout or a trap for the unsuspecting?
"There is no forever unidirectional market in the crypto space, only eternal games - today's movement of RAY is a blatant psychological battle between bulls and bears!"
Market snapshot: The sharp rise and fall in candlesticks.
From the 1-hour chart, RAY is currently like a 'spring' being repeatedly pressed in the 2.0-2.28 range:
Resistance level 2.286: Today, there have been three attempts to break higher, but all were rejected, like hitting a ceiling.
Support level 1.94-2.13: When it suddenly dropped to 2.0 last night, it instantly rebounded 5%, indicating that there is capital supporting the market, but today the volume has shrunk, and the supporting bullets may not be many.
Turning point 2.25: The current price is sticky around this area, the MACD's DIF and DEA lines are almost overlapping, both bulls and bears are waiting for the other to show a flaw.
The old loyal member in my community, 'All-In King', contacted me this morning: "Great Sage, I heavily invested at 2.26! I see strong support at the BOLL middle track of 2.097, it will certainly bounce back!" As a result, it suddenly dropped to 2.08 during the afternoon session and he was instantly silent. This is a typical 'indicator faith trap' - BOLL and MACD are all unreliable in a volatile market, and signals can change at any time!
News support: The SOL ecosystem is stirring with undercurrents.
Just finished reviewing today's news; two pieces of information are worth pondering:
Positive news: The 24H trading volume of the DEX on the Solana chain has surpassed Ethereum, and RAY, as an established project in the SOL ecosystem, may benefit from liquidity overflow.
Negative news: A certain whale address transferred 2 million RAY to the exchange two hours ago; this guy might dump!
Great Sage's view:
News and candlesticks are at odds - on-chain data is bearish, but market sentiment (BTC stabilizing at 104,000 dollars) is supporting the lower limit of RAY. In the short term, RAY is likely to continue playing 'door painting' between 2.0-2.28, with the direction of the breakout depending on two points:
If SOL suddenly surges (for example, breaking 150 dollars), RAY may follow suit and jump to 2.3;
If those 2 million RAY really get dumped, the support at 1.94 will definitely break; be ready to catch the falling knife!
Trading strategy: The crafty approach of seasoned traders.
Short-term gamblers: Opening a position near 2.25 is a gamble on size; break above 2.28 to chase long (stop loss at 2.22), break below 2.13 to go short (stop loss at 2.18), always use a stop loss! Don't emulate the 'All-In King'!
Hodlers: Buy in batches below 1.94, treat it like buying a lottery ticket. Remember: "Not buying the dip in a crash is equivalent to not being in the crypto space!"
Contract traders beware: The current funding rate on exchanges is 0.01% (bulls paying), be careful of the main force's old trick of 'finishing off the bulls before raising the price.'
"In this position of RAY, the bulls see it as a golden pit, while the bears see it as a pit filled with people - which side are you on?"