- The Ronin crypto price has jumped by 37% this month.
- Ronin’s 24-hour trading volume has dropped by 29.66%.
Since the beginning of this month, the Ronin crypto price has been bullish and recorded an all-time high of $3.53 on February 20th, 2024. The RON price has dropped by 13.57% in the past two days.
The RON price is rising by taking support on the trendline and is currently at the trendline. The price has surpassed the 20-day moving average and is heading for a higher high.
The current market price of Ronin is $3.21%, up by 2.98% in the last 24 hours. The market capitalization of the RON is $960 million, and the trading volume for the previous 24 hours is 65.13 million.
Will the Rinin Crypto Price Register a New All-time High Soon?
As per the technical chart, the RON price has been bullish, but selling pressure has been detected for the last two days. The price has dropped by approximately 10%.
The Ronin crypto price has taken support on the trendline and has risen by 5.37% in the past few hours. A buying signal can be generated if the RON price rises and manages to close the current candle near the $3.25 mark. If the investors bring back their confidence, the price may soon approach a new all-time high.
But, if the RON crypto price falls and fails to defend the trendline, it may easily slip to the $2.80 hurdle, and selling pressure can be observed below the trendline. If the price fails to protect the $2.80, it may erode the previous gains, and a bearish trend for the long term can be expected.
Technical Analysis of the Ronin Price Over 4-H Timeframe
As we can see on the technical chart, the Ronin crypto price has been bullish, faced resistance from $3.50, and further performed negatively. The RON price is currently struggling between the 20-day and 50-day moving average.
If the RON price surpasses the 20-day EMA and sustains, buying momentum can be expected. The price may approach a new all-time high in the next few weeks. Sellers may dominate and a bearish trend for the short term can be initiated if the price slips below the trendline and sustains.
The Relative Strength Index (RSI) is at 51 and is recovering from the oversold zone which indicates a buying signal. RON crypto price has defended the 50-day moving average and rose to the 20-day EMA.
Conclusion
Based on the technical analysis, the RON price has been in a bullish trend but there has been some selling pressure in the past few days. However, the price has taken support on the trendline and is rising again. If the Ronin price manages to defend the trendline and surpasses the 20-day EMA, it may approach a new all-time high in the next few weeks. On the other hand, if the price falls below the trendline, it may initiate a bearish trend for the short term.
Technical Levels
Resistance: $3.25 & $3.50
Support: $3.00 & $2.82
Disclaimer
This article is for informational purposes only and provides no 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.