- The fear and greed index for the Ronin crypto is at extreme greed.
- The trading price of the RON coin has advanced by 50% in the previous 30 days.
Ronin is a blockchain network linked to Ethereum and optimized for gaming applications like Axie Infinity. Developed by Sky Mavis, it aims to advance play-to-earn blockchain gaming.
It enhances transaction speed and reduces fees while maintaining Ethereum’s security. It also supports Axie Infinity’s ecosystem, enabling transactions of Axies, land, and in-game assets.
The Ronin coin was launched on January 25, 2022. It hit an all-time high of $4.29 on January 27, 2022, and an all-time low of $0.1966 was recorded on November 21, 2022.
The traded volume for the Ronin crypto has declined by 32.1% in the last 24 hours, resulting in a traded value of $32.982 million. Despite this, the market cap has advanced by 2.12%, resulting in $808.364 million.
Ronin is the 84th largest cryptocurrency in the global cryptocurrency market. $32.96 million RON coins were traded in the last 24 hours, which is 4.12% of the coin’s market cap.
The market cap dominance of the coin is 0.04%, and the volatility of the crypto is relatively high at 16.06%. The Total Value Locked for the crypto is $190.46 million, and the stablecoins market cap of the crypto is $45.29 million.
The current circulating supply of the crypto is 296.39 million RON, followed by a total supply of 1.0 billion RON coins, and the maximum supply of the crypto is not disclosed. The fully diluted market cap of the crypto is $2.728 billion.
Ronin Coin Derivatives Analysis
The derivatives trading volume of the RON coin has dropped by 34.02% in the last 24 hours, followed by a decline of 3.1% in the open interest. The open interest value of the crypto is $6.84M.
The long/short ratio of the coin is 0.9448, which indicates a higher long liquidation. Thus, the long liquidation for the crypto is $20.81K over the last 24 hours. Also, the short liquidation is worth just $4.31K.
RON Coin Technical Analysis
The trading price of the RON crypto is forming a higher high swing structure on the weekly chart. This coin’s price has broken above all the crucial swing highs and is currently trading above the breakout level.
The price is currently taking support at the breakout zone. A further surge in the trading price may occur if it breaks above the recent high of $3.61.
RON/USD Chart by TradingView
If we look at the technical indicators, most of them indicate a buy signal in the crypto.
The RSI seems neutral as it trades at the 55.72 level on the daily chart and has declined below the 14-day SMA. Despite this, the RSI is following a bullish cycle, which means the RSI can start following bullish momentum.
The MACD has crossed below the signal line while both the lines are trading above the zero level. It shows that the major crypto trend is bullish while the price is declining in a shorter period.
Major EMAs such as the 50, 100, and 200-day EMAs are trading in a golden crossover. The RON price is trading above all the EMAs, indicating strength in price.
Summary
Despite a recent decline in traded volume, Ronin (RON) crypto has seen a 50% surge in the last 30 days, maintaining extreme greed sentiment. Ronin is sustaining above breakout levels, supported by technical indicators signaling a buy. The formation of higher highs suggests potential for further price surges.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.