RAYUSD 1D CHART. I see a possible SHORT opportunity here, or just an advisory watch until price action gets to a much lower level if you want to start a DCA HODL position. The price is still in an uptrend, even though price has broken through the upsloping support trendline and the bottom line of the upsloping parallel channel at 4.50 area. Upsloping support trendlines usually break to the downside, in most cases (Bearish). The breakdown still has not had a confirmed daily close though and price has already retraced up to retest breakdown area of the support trendline with multiple hits and been rejected (Slightly Bearish), because support has now become resistance. Definitely keep a close watch on this aspect of the chart. Price is also forming an immature bear flag pattern (Bearish). Lastly, we have a clear negative divergence on the daily RSI (Bearish). After all this, I am looking to open a Short position using 4x leverage at 4,70 - 4.90 zone. If this plays out, take profits at yellow support trendlines between 3.60 - 3.00. I would set a stop loss at yellow short term resistance level at around 5.30 area, I do recommend DYOR, setting necessary alerts, use low leverage, keep a good sized margin, and as always, keep a close watch on micro price action and also general market macro trends. Maybe turn on your VWAP when price approaches the levels I mentioned. Good luck to everyone and happy trading. I welcome and would love to hear any arguments or comments. Thank you for reading.
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RAYDIUM beat down on rumors of Pump.Fun creating their own AMM on Solana. So, I guess this chart does not matter anymore. Maybe flip to LONG if you believe RAY will recover. Maybe DCA into SOL? I wish I would have Shorted when I wrote this, but I was too conservative at my Entry Level. Oh well, this is life! I personally am watching Arbitrum (ARB) and Camelot DEX (GRAIL). Will publish charts on both very soon. Good luck to you all!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.