The recovery phase of Ronin started in the year 2023. A bullish rally for RON’s price was initiated during the beginning of 2023 which led to a rise in the price from the low of $0.263. The price started to fall after a huge upswing during its Initial coin offering.
The bullish rally of Ronin suffered various hurdles. First, the uptrend was halted at the $1 level and RON’s price fell to $0.62 to form support. RON’s price regained bullish momentum and started to rise which led to the formation of an annual high at $1.447. Since then, the price has been in a downtrend.
In a recent market development, the price of RON experienced a significant breakthrough as it surpassed a critical support level of $0.95. This level had previously demonstrated its strength by providing substantial price stability on two distinct occasions in the past. The cryptocurrency price is now headed toward the March low which is $0.62. Bulls need to jump into the market to protect the price from further downfall. If RON’s price can form the support at $0.81.
For RON’s price to gain the trust of buyers, it needs to rise above $1.13. A break and close above the $1.13 level would indicate that the price might retest the annual high.
Will RON Price Fall To $0.62 level?
RON’s price is trading below the 20,50,100 and 200-day EMAs, indicating bearish momentum in the price. The break of major support has led to the price declining below the major EMAs. The Chaikin money flow score is -0.03 suggesting weakness and increased involvement of bears in the market.
RSI is trading at the verge of entering the oversold zone and is currently at 31.30. RSI indicates that there is a possibility of reversal or short-term pullback in the upcoming days. Ronin has not faced severe losses amid the SEC’s lawsuit while all the other altcoins have suffered drastically. Ronin is still among the top gainers in the crypto market.
RON’s price has reached the lower band of the bollinger, suggesting that the price might witness a pullback in the upcoming days. The bollinger bands have expanded, suggesting increased volatility in the market.
Conclusion
The market structure and price action of Ronin is bearish. Despite ongoing efforts to establish a support level, the price is facing relentless downward pressure from bearish momentum, resulting in its continuous shattering. There is a possibility of support formation at the $0.81 level and if that happens, RON’s price might retrace toward the support turned resistance of $0.89.
The technical parameters indicate possibility of pullback in the upcoming days as RSI will soon enter the oversold zone, and RON’s price has reached the lower band of bollinger.
Technical Levels
Major support: $0.62 and $0.40
Major resistance: $0.89 and $0.95
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/16/ronin-price-prediction-ron-price-plunges-23-in-6-days/