RAYUSDT Market Overview: 24-Hour Price Action and Technical Insights

• RAYUSDT drifted lower amid bearish momentum, closing near session lows.
• Volume remained elevated during the selloff, confirming bearish bias.
• A key 3.15 support level held during extended selling, hinting at short-term stability.
• RSI signaled overbought conditions earlier but failed to trigger a reversal.
• Volatility remained moderate, with price confined within Bollinger Bands most of the session.

RAYUSDT opened at 3.173 on 2025-09-20 12:00 ET and closed at 3.137 by 2025-09-21 12:00 ET, with a high of 3.197 and a low of 3.119. The pair experienced a total volume of 981,878.7 and turnover of 3,119,623.0 during the 24-hour period. Price action showed a bearish bias, especially after the 9:45 AM ET candle broke below the 3.15 psychological level, forming a valid bearish breakout pattern.

The structure of the session revealed a clear short-term support cluster between 3.14 and 3.15, reinforced by two bullish engulfing patterns and a hammer near 3.13. Resistance levels are clustered between 3.17 and 3.19, where the market failed to hold during the early morning surge. On the 15-minute chart, the 20-period and 50-period moving averages remained bearishly aligned, with the price well below both lines for most of the session, indicating sustained selling pressure.

On the momentum side, RSI spent much of the session in overbought territory early in the morning but fell into oversold levels after 9:30 AM ET, aligning with the price drop. MACD lines also turned negative during this phase, confirming the bearish momentum. Bollinger Bands remained relatively wide, showing moderate volatility. Price spent most of the session within the bands, with the 20-period EMA acting as a dynamic resistance.

Fibonacci retracement levels of the major 3.197 to 3.119 move showed 3.145 as a key 61.8% retracement level, where price found temporary support. This level appears to be critical for near-term traders. The 38.2% level at 3.161 saw mixed action, with some short-covering attempts evident.

The pair may find near-term direction based on whether 3.14 holds or if bearish momentum accelerates below 3.13. A break above 3.16 could signal a short-term reversal, but given the high volume on the breakdown, bearish continuation appears more likely. Investors should monitor for divergences between price and RSI in the next 24 hours, which could signal a turning point in sentiment.

Backtest Hypothesis
Given the recent bearish momentum and strong support at 3.14–3.15, a potential backtest strategy could involve a short entry on a close below 3.14, with a stop above 3.15 and a target aligned with the 61.8% Fibonacci extension at 3.112. This setup would be supported by RSI momentum and volume confirmation during the breakdown. A long entry could also be considered at the 3.14–3.15 support zone if RSI shows divergence, with a stop below the support and a target at 3.161.