Ray Surges 40% in 48 Hours, Eyes $4 Resistance

Ray, a prominent altcoin, has experienced a notable surge in the past 48 hours, mirroring the recovery of Bitcoin. This upward movement positions Ray on the brink of a significant breakout, following a reversal formation that has captured the attention of market analysts.

Last month, Ray's short-term bearish trend was temporarily halted after a breakdown from a crucial support level. Fortunately, the $1.45 level provided support, allowing the price to increase for two consecutive weeks. However, the price faced multiple rejections at $2.1 last week, leading to a rollover and a bearish start to the week. Despite this, Ray managed to establish support by staying above the previous monthly low on Monday, and the price has since increased steadily to $2 at the time of writing.

A successful surge above last week’s high would validate the double-bottom pattern that has been forming over the past month. This bullish reversal pattern is expected to set the stage for a substantial rally, potentially recovering lost levels. The main level to watch for such a rally is the crucial $4 resistance, which was broken as support during the late February crackdown. A rejection at this level is anticipated as the price tests this crucial resistance.

Failure to reject this level could trigger further recoveries, potentially leading to a complete trend reversal if the market breaks higher. Key resistance levels to watch on the way up include $2.1, $2.5, and $3.1. Conversely, the $1.8 level is considered a support in case of a pullback, with the main support located at $1.455. A drop below this level could plunge the price to $1.23 and potentially $1.

According to the analyst's forecast, the current trend for Ray is bullish, with low volatility observed in the market. It is important to note that this analysis is not trading or investment advice, and individuals should conduct their own research before making any cryptocurrency purchases or investments.