- The RONIN coin price has surged by over 24% in two weeks.
- It has breached the crucial resistance level of $0.4745.
- The RON Coin price is trading at $0.4992.
The Ronin Coin price has been trading in a strong bullish momentum at present. It has surged by over 24% in the past two weeks. In the current trading session, the coin price is trading with a slight decline of 1.22% or 0.0061. The total amount of volume traded in the last 24 hours is $397,080. It is quite less as compared to the current market price of the coin,
The Ronin Coin has welcomed the year 2023 on a positive note. It started to surge at the end of the year 2022. The coin price has continued this momentum in the year 2023 and surged by about 630% from the lower level. This uptrend was halted in April and the coin price has removed about all the gains it made in this year.
The Ronin Coin halted this downtrend in October 2023. The sellers have tested the lower level i.e. $0.4045 twice, but the buyers were stronger than the sellers. They have successfully defended this level. Now, the buyers are trying to change the trend from bearish to bullish.
What Does the Price Action of the RON Coin Reveal
The RON coin price has taken strong support from the level of $0.40036 and shown a strong surge in the price. The coin price has formed a double-bottom pattern on the daily chart, which is considered a bullish pattern. The price has respected positively and breached a crucial resistance level of $0.4745.
The RON Coin is facing resistance from the level of $0.51838. If the price breaks this level on the upside, it can unlock its way towards the level of $0.6025. However, if the coin price takes a strong resistance from this level, it can try to challenge the buyer at a lower level. The buyers are mainly present near the level of $0.4711 and $0.4003.
A Quick Glance of the EMA and RSI Indicators
The RON coin price is trading below both 50-day and 200-day Exponential Moving Averages. It has witnessed a death crossover in July and the price has shown a sharp decline since then. However, the coin price has regained control of the 50-day EMA.
The Relative Strength Index (RSI) is curving at 69.87, it is just on the verge of being overbought according to the Indicator. However, it has just come from that trajectory and is cooling off for the next move.
Conclusion
The coin price has participated in the recent crypto market rally witnessed by the globe. The future movement of the coin mainly depends on the crypto market as a whole. However, the coin price is looking strong and in favor of bulls.
Technical Level
Resistance – $0.51838 and $0.6025
Support – $0.4711 and $0.4003
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.