Ronin （RON） has maintained its $2 mark despite recent market fluctuations. This article examines the factors influencing RON’s price stability and explores its potential for future gains.
Points
- RON maintains $2 mark amid market fluctuations.
- Technical analysis shows potential for upward movement.
- Increased user activity and strategic partnerships.
- Positive sentiment among investors and analysts.
- Potential for bullish breakout if key resistance is surpassed.
Ronin （RON）, the native token for the Ronin chain, has traded inside a falling channel pattern for months, defending the $1.50 mark at the lower trendline support last week. Afterward, it exhibited a rebound from its lower trendline mark and recovered over 30% of gains this week. Apart from this, RON has climbed above the 20-day EMA mark, indicating buyer accumulation from the lows.
At press time, Ronin was trading at $2.10 with an intraday surge of 12.26%, reflecting neutrality on the charts. It has a monthly return ratio of -25.30% and 10.20% yearly, reflecting short-term consolidation.
How Is Ronin （RON） Doing?
The recent price action of Ronin （RON） shows a positive trajectory, with the token poised to continue its upward movement. For the bulls, the immediate hurdle is the $2.50 mark, and beyond that, a much-awaited breakout rally could be possible.
What Does the On-Chain Data Show?
Amidst the price rise, the weighted sentiment data stood below the halfway zone and comfortably placed in a negative region at the 0.424 mark, highlighting no significant changes in sentiment among the investors. However, social dominance data exhibited a notable rise of over 65% to 0.292%, conveying a positive shift in chatter among investors on social media platforms.
Meanwhile, the price volatility curve showed a spike of over 22%, hinting at a potential recovery ahead. Following the price rise, the liquidations data witnessed a notable shift. The short liquidations increased slightly, at $18.47k, while the long liquidations stood at $8.4k.
Total Liquidations Data Favored a Rise
This shift in liquidity data exhibited the buying pressure could fuel the price surge. The short covering move could be seen ahead. As soon as the token split the cluster of $2.50, a major block of shorts trapped. An upside toward the $3 mark could be seen ahead.
The immediate support levels for the RON token are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3.
Is Ronin Eyeing More Gains?
The Ronin token price climbed above the 20-day EMA mark and is trying to reach the 50-day EMA mark for a significant up move ahead. Moreover, a fresh bullish wave triggered, and buyers are eyeing the $3 mark to catch it shortly.
解説
- Ronin’s recent price stability and upward movement indicate positive sentiment among investors.
- The climb above the 20-day EMA mark shows buyer accumulation, suggesting further gains.
- On-chain data reveals a positive shift in social dominance, indicating increased interest in RON.
- The potential for a bullish breakout depends on surpassing key resistance levels.
- Strategic partnerships and increased user activity support RON’s growth potential.