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Current Price and Recent Movement:
The current price of RAY stands at $4.116, having registered a positive change of 26.41% in the past 24 hours. This indicates a strong recent bullish momentum.
Technical Indicators:
Moving Averages (MA):
The 25-day MA is around $3,120, while the 99-day MA is at $1,750. The current price is above both MAs, confirming a bullish trend in the short and long term.
Bollinger Bands:
The price is touching the upper band of the Bollinger Bands, which suggests that the asset could be overbought and there could be a correction in the near term.
Volume:
High volume is seen in the last few candles, supporting the upward movement with strong investor interest.
Supports and Resistances:
Immediate Support: In the $3.50 to $3.80 zone, where the price consolidated before the current bullish breakout.
Immediate Resistance: The $4.30 to $4.50 zone could act as a strong resistance if the price continues to rise.
Relative Strength Index (RSI):
Although the chart provided does not show the RSI, it is likely to be at elevated levels due to the recent strong increase. An RSI above 70 would indicate overbought conditions.
Prediction and Strategy:
Short-Term Prediction: Given the strong bullish movement and significant trading volume, RAY is likely to continue rising in the near term. However, caution should be exercised if the price is in overbought conditions as a mild correction could occur.
Recommended Strategy: If you are already in a position, consider taking partial profits at nearby resistance levels and re-entering after a correction. If you plan to enter, waiting for a pullback towards the $3.80 support could be a safer entry.
Remember that the cryptocurrency market is volatile and there can be rapid changes in trends. It is always advisable to use risk management tools and keep an eye on relevant news that may affect the price.
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