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Should you buy Ray's dip on Saturday?



After Bitcoin (BTC / USD) fell over USD 10,000 on Saturday, many coins plummeted by over 20%. It was one of the biggest sell-offs in a day, and many investors were liquidated from their long positions. However, the crash also gave investors who missed the previous rally a chance to get in. Raydium (RAY / USD) fell over 25% and was nearing critical support levels.

The USD 9.1 mark was a very important demand zone for Ray as the coin has flipped from that level several times in the past few months. This is also a great area to buy. Ray was up over 27% before the decline, which could be an indication that a breakout is imminent.

  • Ray has formed a descending triangle and has attempted to break out several times in the past few months. However, doing so has weakened the resistance trendline after several tests.

  • The support at $ 9.1 has proven extremely strong as Ray hasn't slumped below it even after testing it several times.

  • Ray also rebounded on Saturday as it climbed back into the zone after previously falling to $ 8. This indicates a "false breakout" which is a strong indicator that a real breakout is about to take place. Therefore, Ray looks optimistic for the coming weeks.

  • The RSI is also at the USD 35 support level. From this level the buyers have returned, so that a return of the buyers can be expected soon. 

  • Investors need to 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.

  • Ray could break out soon and a target of $ 11.4 can be set, followed by a target of $ 13.5.

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