Bulls Dominating the RON Crypto Price; What’s Next?

Ronin is a blockchain that uses the same technology as Ethereum to run games where players can earn money. The most famous game on Ronin is Axie Infinity, a game where players collect and battle creatures called Axies. In July 2021, the first month that Axie moved to Ronin, the game saw a huge growth in NFT trading, players, and battles.

Ronin was created by Sky Mavis, a game company started by Jeffrey Zirlin and Alexander Leonard Larsen. Mr. Zirlin is a graduate of Yale who has been working on Sky Mavis for four years. Mr. Larsen has been involved in blockchain since 2017 and has co-founded Sky Mavis and Axie Infinity, as well as raised money for the company.

A Look at theTechnical Chart of RON Crypto

The Ronin crypto (RON) price is gaining momentum and broke above the 20, 50, 100, and 200-day EMAs, indicating bullishness. The crypto has tested the demand zone near $0.76076878 multiple times, finding support and bouncing back. Buyers have regained strength and are aiming for the $1.00 level.

The chart structure shows volatility with the crypto facing rejection from the supply range of $0.86878700. The lower levels near $0.76076878 acted as a support region; the crypto bounced from there and entered a narrow range.

Furthermore, the crypto’s trajectory shows that beyond $1, the zone is bullish, and a rally could be seen. But, if further rejection takes place, the crypto will continue to trade in the congestion zone. Similarly, below $0.76076878, bearishness could be extended.

At press time, Ronin crypto was trading at $0.8157536 with an intraday minor gain of 3.39%, showing bullishness on the chart. Moreover, the intraday trading volume is $.291 Million. The market cap of Ronin crypto is $220.998 Billion.

Indicator Analysis of Ronin Crypto Price in 1-D Time Frame

Currently, Ronin crypto (USD: RON) is trading above the 50 and 200-day exponential moving averages (EMAs), which are supporting the price momentum. 

However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, the Ronin price is expected to move upwards giving bullish views over the daily time frame chart.

The current value of RSI is 70.90 points. The 14 SMA is above the median line at 82.15 points which indicates that the Ronin crypto is in the bullish zone.

The MACD line at 0.07796451 and the signal line at 0.08156515 are above the zero line. A bearish crossover was observed in the MACD, signaling weakness in the momentum.

Short-Time Horizon Analysis Ronin Crypto

On the short-term time frame chart, the Ronin crypto price is consolidating between the horizontal price bands of $0.76076878 and $0.86878700. Moreover, the price traded above the key EMAs, which shows strength in the crypto MACD, exhibits the consolidation phase of the Ronin crypto. The MACD line is flat above the signal line waiting for a crossover.

Summary

The chart structure shows volatility in the previous few months, with the crypto facing rejections from the supply range. The current value of RSI indicates that the Ronin crypto is in the bullish zone. The MACD line signals weakness in the momentum of the RON crypto price.

Technical Levels

Support Level:  $0.76076878.

Resistance Level: $0.86878700.

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 own research before making any financial decisions

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.