After Bitcoin (BTC/USD) fell by over $10,000 on Saturday, many coins fell by over 20%. It was one of the biggest sell-offs in one day of all time, and many investors were liquidated from their long positions. However, the crash has also given investors who missed the previous rally a chance to get in. Raydium (RAY/USD) fell by over 25% and has reached a decisive support level.
The $ 9.1 mark was a very important demand zone for Ray, as the coin has turned around from this level several times in recent months. This is also a great area to buy. Ray had risen by over 27% before the decline, which could be an indication that an eruption is imminent.
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Ray has formed a descending triangle and has tried to break out several times in recent months. However, as a result, it has weakened the resistance trend line after several tests.
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The support at $ 9.1 has proven to be extremely strong, as Ray has not broken below it even after testing several times.
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Ray also recovered on Saturday, when it climbed back into the zone, having previously fallen to $ 8. This indicates a “false breakout”, which is a strong indicator that a real breakout will take place soon. Therefore, Ray looks optimistic for the coming weeks.
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The RSI is also at the lowest level of USD 35. From this level the Käbanks have returned to theü, so that a return of the Käbanks is to be expected soon.
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Investors should be careful, as Ray could still break out of the zone. Therefore, long entries should only be made if a clear reversal can be seen.
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Ray could break out soon, and a target of $ 11.4 can be set, followed by a target of $ 13.5.
Should you buy Ray’s dip on Saturday? appeared first on Coin Hero.