Following the debut of the GameFi-focused Layer-1 solution Ronin Coin on Binance, the price of RON saw a decrease of 26%.
The purpose of this examination of the RON price is to determine whether or not the Ronin Coin is on the verge of experiencing an even more severe decline.
A perfect example of a "buy the rumor, sell the news" event, the sudden decline in the price of Ronin Coin occurred after the long-awaited listing of the cryptocurrency on Binance. This listing caused the price of Ronin Coin to surge in response to the news and then plummet in response to the event.
Binance has now indicated that additional procedures would be implemented in order to avoid a similar occurrence of a "dump" on future listings. These new measures will especially try to reduce the danger of team corruption, which is a clue to the source of the sell-off action.
Can Ronin Coin Recover After the Seismic Binance Listing Dump, or Is Ronin Coin About to Crash? This is the question that drives our analysis of the RON price.
Ronin currency is presently trading at a market price of $2.67, which represents a movement of -1.66% over the course of twenty-four hours. This is because the price of RON is pushing through retracement.
This occurs as a result of a strong rejection from upper trendline resistance, which has caused the price of RON to take a significant drop of -2.66% from its previous high of $3.60.
It would seem that the price of RON is maintaining a good technical poise as it is now finding foot above lower support from the 20-day moving average, which is currently standing at $2.55.
RON Price Analysis: As the price of Ronin coin continues to fall, traders in the cryptocurrency world are wondering whether or not the coin is on the verge of having a collapse. Look into it here.
In point of fact, the 20-day moving average has been a source of support for a significant portion of the recent upward price movements of Ronin Coin, with a consistent footing apparent in the chart since October 2023.
The examination of the RON price suggests that there is a significant possibility of a bounce occurring at current levels, and this view is supported by the major indicators of the RON price environment.
To be more specific, the Relative Strength Index (RSI) indicator has shown a major decrease in the retracement movement, and it is now displaying just a modest negative divergence at 55. This indicates that the worst of the retracement is done for the time being.
This is supported by the MACD indicator, which, despite the corrective move, continues to indicate positive momentum underlying price at 0.005. This provides some degree of confirmation.
With the RON price remaining poised above historic support and indicators in a possibly positive position, the overall study of the RON price provides a picture of a successful retracement from the upper trendline resistance.
RON Price Analysis: As the price of Ronin coin continues to fall, traders in the cryptocurrency world are wondering whether or not the coin is on the verge of having a collapse. Look into it here.
To the upside, the price of RON is still aiming for an upward advance to upper resistance around $3.09, which may result in a possible increase of 15.8%.
Downside risk might cause the price of RON to fall to lower support at $2.02, which would represent a probable decrease of 24.29 percent.
As a result, the study of the RON price shows that the Ronin coin now has a risk: reward ratio of 0.64 on the short-time frame, which indicates that it is a poor entry. The downside risk is the predominant danger.
