The post RAYDIUM PRICE ANALYSIS & PREDICTION (November 8) – Ray Hit $5 Following 35% Surges, Looks Overbought Amid Bullish appeared on BitcoinEthereumNews.com.

After a short break in buying, Ray regained momentum and exploded massively to a multi-year high. Bringing the bulls back in action, it has activated long-term buys following an over 200% increase since last month. Following a bullish reversal pattern that led to a break above the key $2 level last month, Ray increased consistently until the price tapped $3.65. Due to a rejection, it failed to advance bullishly and briefly lost steam. This led to a slight drop before consolidating for ten days. Locating support above $3 this week, the price resurged and broke out of the consolidation phase to touch $4.4 yesterday. Volatility enhanced today and Ray rallied to a three-year high following a massive explosion. It appeared highly bullish on the daily chart as the price slowly nears overbought. While there’s are no signs of drops yet, we can anticipate more surge in volatility in the coming days. A weekly close above January 2022 high could sprout bigger price movements in the coming week. A continuous rejection of the current daily high could trigger a notable retracement in the market before rising back. Currently, the bulls are still taking charge of the market. RAY’s Key Level To Watch Source: Tradingview Above the $5, the $5.65 level is the next resistance to watch in the next surge. If the price scales through, the next target resistance for the bulls would be $6.3 and $7 in no time. Right now, the $4.42 level is the closest support for a retracement along with the $3.65 level that broke as resistance during yesterday’s surge. If it fails to produce a rebound, the next retracement level would be $3.12. Key Resistance Levels: $5, $5.65, $6.3 Key Support Levels: $4.42, $3.65, $3.12 Spot Price: $4.7 Trend: Bullish Volatility: High Disclosure: This is not…

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Filed under: News - @ November 8, 2024 2:26 am