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In this analysis, I want to review the RAY coin for you — one of the DeFi projects in the Solana ecosystem, which has a market cap of $313 million and is ranked 130th on CoinMarketCap.
⏳ 4-hour timeframe
This coin has a downtrend on the 4-hour timeframe that continued down to the 0.883 area, and it is currently in a corrective phase.
💥 During this correction and price consolidation, a range box between 0.883 and 1.242 has formed, and price has been moving sideways between these two levels.
✔️ After price was supported at 0.883, buying volume increased, and the price gained a strong bullish momentum.
⭐ At the moment, RAY is interacting with the 1.242 resistance, and breaking this level will be the first trigger for a long position.
💡 I personally will open a long position after the break of 1.242. The next resistance area is 1.675.
✨ If price gets rejected from 1.242, it can move downward again, and in this case, breaking the triggers 0.996 or 0.883 will give us short positions.
🧮 Since this coin has been in a downtrend previously, breaking 0.996 and 0.883 can continue the downtrend, and strong bearish momentum will enter the market with the break of these levels.
⛏ But for the market to become bullish, for now we don’t have much bullish momentum, and we need more confirmations.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
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