- The RON Coin price has shown a V-shape recovery from the lower level.
- It has surged by over 85% in a month.
- The current market price of the Ronin Coin is $0.8392.
After listing, the Ronin coin price has shown some buying and it reached an all-time high level of $4.32 on January 27, 2022. It has shown a very steep decline from the higher level.
During this decline, the coin price has fallen without any retracement in the favour of bulls. The selling in the coin price halted in June 2022 and the price created an all-time low level of $0.1976 on November 22, 2022.
From there, the bulls started the accumulation of the coin and the price created a base near the level of $0.2070. The selling was absorbed by the bulls at that level and the coin has been traded there for about 6 months.
In 2023, the RON Coin price showed a sharp surge from the all-time low level and changed the bearish structure of the coin. The coin price has witnessed a jump of over 200% from there.
Can the Ronin Coin Price Reach the $1.500 Level in 2024?
The RON Coin Price has shown a V-Shape recovery from the lower level and it has surged by over 85% in a month. This is considered a remarkable return for the investors.
The Coin is now consolidating near the high level and is not declining even after a massive surge. It shows that the bulls are absorbing the liquidity provided by the sellers, which is a good sign for the investors.
The RON coin price has breached the crucial resistance level of $0.7628 and this level will now act as a support for the price. Apart from that, the other support level is present near the level of $0.5190.
The coin is facing a good rejection near the level of $0.8393 and this level is very crucial for the sellers. The other resistance level for the price is present near the level of $0.9706.
What EMAs and RSI are Indicating About the RON Coin?
The RON coin price is trading above the 50-day and 200–day exponential moving averages (EMA), which is a bullish sign. Additionally, it is on the verge of showing the Golden crossover on the daily chart, which is also a bullish sign for the coin.
The relative strength index (RSI) is curving at 73.09, which shows that the price is currently in an overbought trajectory. However, the slope of the RSI is bending down and that shows the bulls are losing momentum.
Conclusion
The current bullish momentum of the Ronin Coin is looking strong and the price is consolidating at a higher level. It signifies that the coin price can try to move higher in the upcoming days and it needs to clear out the resistance level of $0.8393 for that.
Technical level
Resistance level – $0.8393 and $0.9706
Support level – $0.7628 and $0.5190
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.