The news-triggered rally temporarily ended a 35-day Raydium downward movement but failed to cause a breakout.
RAY attempts to break out from a diagonal and horizontal resistance and move toward $3.
Let’s examine the charts and see if this is likely.
RAY Price Rallies
The daily time frame analysis shows that the RAY price has fallen under a descending resistance trend line since May 14.
While doing so, the price also declined below the $2.250 horizontal area, which had previously provided support.
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Today’s RAY rally, triggered by the Upbit listing, briefly lifted the price above the diagonal and horizontal resistance.
However, it failed to sustain the rally, creating a long upper wick (red icon). So, while the increase is a positive sign, the failure to maintain it is bearish.
Nevertheless, the rest of the price action is bullish. RAY has created a double-bottom pattern combined with bullish divergences in the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) (orange).
So, the daily time frame gives a bullish RAY prediction, suggesting the price will eventually break out from these resistances.
What’s Next for RAY?
While the price action is bullish, the wave count suggests the RAY increase is corrective.
This is because the downward movement after May 15 is a five-wave decline (red), likely wave A in an A-B-C correction (black).
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
