The Ronin crypto has been in a remarkable uptrend since the end of November 2023, with the price going from $0.8000 surpassing $3.000, and is still going up. This price formed an ascending wedge, which RON crypto is following closely.
The RON crypto has shown a sign of a strong rally as the price jumped from a key support level of around $0.8000, which was later followed by $1.7500 on the chart.
The RON crypto overcame a key resistance level and could mark new highs from the current base zone.
RON is demonstrating bullish strength and rising capacity as it stays above the supertrend and major 20 and 50-Day EMAs, this highlights buyer strength.
On evaluating the daily chart, the asset is displaying bullish signs and implies that it has the potential to grow further. It has performed well in the past week, month, and quarter by 28.93%, 62.81% and 438.34% respectively, indicating a strong uptrend.
Moreover, the Ronin asset is exhibiting bullish behavior as the MACD shows a wide histogram bullish crossover while the RSI stays above the 50 level and the curve takes support from the 14-SMA.
At the time of writing, the RON crypto surged 2.92% over the last 24 hours, trading at $3.0075.
On top of that, if the demand for the Ronin remains high, the asset price could keep on rising from the current level. The RON target for the price is to reach $5.00, and the resistance is from the $3.5000 level.
On the other hand, if the RON crypto price fails to stay above the $2.5000 level, it could decline further and could even slip out of the wedge as well.
Summary
RON price reflects the bullish outlook and opinions about the crypto asset in the daily time frame. The Ronin price movement reflects a bullish scenario at the time of writing, as it recently jumped from a critical level and broke out of the wedge.
Furthermore, the technical factors of the Ronin price indicate the persistence of the strong uptrend over the daily time frame chart. Major credible and reputable indicators like RSI, MACD, and EMAs imply and display bullish signals about the RON price.
Technical Levels
Support Levels: $2.5000
Resistance Levels: $3.5000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2024/02/03/ronin-crypto-ron-crypto-rising-on-full-pace-can-it-reach-3-5/