- Ronin crypto price has lost 31% since April.
- RON price has formed a reversal candlestick pattern and gained positive momentum.
- Bulls are losing the strength and losing the gains.
The price of Ronin crypto (RON) is in a bearish trend and has displayed bearish waves for several sessions. Additionally, the cryptocurrency struggles to maintain gains above key moving averages and is heading downward.
This month, RON has experienced a decline of over 27%, demonstrating the bearishness in recent sessions.
Based on the graph of price and volume, the trading volume has slightly decreased since the beginning of this month, and so has the price. The trading volume has dropped significantly in the past three days, and the price has also decreased slightly. If the trading volume declines, the price may slip below the trendline.
The Ronin crypto (RON) price is currently trading at $2.73207806 with an intraday loss of 0.87%, indicating the bearishness in the charts. It currently has a monthly negative return of 27%, clearly demonstrating the bearish trend.
Its market cap currently stands at $878.23 million. Analysts are bearish and predict that RON’s price will continue to decline in the upcoming sessions.
Ronin Price Technical Analysis Over Daily Timeframe
The chart structure displayed that the RON price has declined by forming negative pullbacks. The asset price has faced resistance from the 20-day EMA and formed a shooting star candlestick pattern.
Suppose the Ronin price closes the current candlestick below the $2.7 mark. The price may keep surging and will record a new all-time low. If the sellers remain strong, a strong bearish trend can be expected.
On the other hand, if the Ronin crypto price takes support on the major support level of $2.60, the buyers may show interest, and the price may gain bullish momentum. Suppose the price manages to sustain over the 20-day EMA, then a bullish trend for the long term can be seen.
Turning to the technical indicators, the price trades below the key moving average, showcasing the bearish momentum. MACD shows that the histogram has just been converted to green, but the signal and MACD lines are below the zero lines.
Ronin Price Prediction on a 4-H Timeframe
In a 4-H time frame, the Ronin price has struggled in parallel channels. At the beginning of this month, the price slipped below the channel but bounced back to the channel.
If the RON price triggers a breakout from the channel, it may gain bullish momentum. On the other hand, if the price slips below the parallel channel and sustains, sellers may eye for an all-time low.
Conclusion
Ronin crypto (RON) price is currently in a bearish trend and may continue to decline in the upcoming sessions. The asset price has been declining by forming negative pullbacks, and if the sellers remain strong, a strong bearish trend can be expected.
However, if the price manages to sustain over the 20-day EMA and takes support on the major support level of $2.60, a bullish trend for the long term can be seen.
Technical Levels
Resistance: $2.85 & $3.50
Support: $2.60 & $2.40
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.