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Technical Analysis of #RAY/USDT
Market Trend and StructureOverall Trend: The chart shows a significant bullish movement from lower levels, reaching a recent high around $4.97. However, the price is in a consolidation phase near the resistance at the 0.236 Fibonacci level ($4.977), indicating it may be testing the strength of that resistance before a possible pullback or advance.Key Fibonacci LevelsCurrent Resistance (0.236): $4.977 is an important level and is acting as resistance. If the price breaks this level and consistently closes above, we could see an advance towards the next target around $5.10.Potential Supports:0.382 ($4.725): An immediate support in case the price experiences a pullback.0.5 ($4.433): A deeper level that could offer an attractive entry point if the price continues to decline.0.618 ($4.102): Considered a stronger support, which could attract buyers if the market presents a more pronounced correction.Moving Averages and VolumeMoving Averages (MA): The 7-period MA is at $4.875 and the 25-period MA at $4.834, both in an upward position. This indicates that the trend remains bullish in the short term, although the proximity of these lines suggests possible consolidation.Volume: Recent volume shows a slight decline, which may indicate a decrease in buying momentum and a possible pause before a new movement.Short-Term Prediction: If the price breaks the resistance at $4.977 and maintains a solid close above, it is likely to continue towards $5.10 and beyond. If it fails to do so, a pullback to support levels at $4.725 or $4.433 is possible.Strategy Recommendation: Waiting for a clear breakout with an increase in volume to take a buy position is the wisest course. If you already have an open position, you might consider taking partial profits around $4.977 and adjusting stops to protect profits.
Conclusion:
The RAY/USDT pair shows bullish potential, but it must overcome the resistance at $4.977 to confirm a new momentum. The supports at $4.725 and $4.433 offer interesting buying points in case of corrections. Keep an eye on the volume and the price behavior at the key resistance.
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