Ray's Price Plummets, but Long-Term Bullish Trend Intact

Ray, a prominent DeFi project, has experienced a decline in price alongside other cryptocurrencies in the market. Despite this recent fallout, the asset's macro bullish trend remains intact, and the market is currently in a correction phase.

Last week, Ray surged to a new high of $8.7 after a brief pause, but it failed to maintain its upward momentum and cooled off. This led to a sharp decline, and the price has been in a pullback mode since. Although the $6.2 level has provided temporary support, there is no guarantee that it will hold.

If Ray can maintain a strong hold above the $6.2 level, it could bring buying pressure back to the market and initiate another bullish phase. However, if the price drops below the $6 level, it could lead to a more significant loss until the asset finds a strong support threshold to trigger a buy. Although Ray's price may appear weak in the short term, its long-term structure remains bullish.

As of now, Ray is facing downward pressure and is eyeing the minor $5.85 level. If this level is lost, the price could potentially drop to the $4.78 support and even lower to $3.8 in the near term before bouncing back. While there is currently no upward movement, the potential resistance levels for a test are $7.42 and $8.7. If these levels are flipped, a new high may be reached around $10 or beyond.

Key Resistance Levels: $7.42, $8.7, $10

Key Support Levels: $5.85, $4.78, $3.8

Spot Price: $7

Trend: Bullish

Volatility: Low