๐ Is Ronin Coin (RON) Heading for a Crash After Binance Listing? ๐
After debuting on Binance, Ronin Coin faced a 26% decline, sparking concerns about its future trajectory. Let's dive into whether this GameFi-focused Layer-1 solution is bracing for further setbacks.
The recent rollercoaster ride in Ronin Coin's price exemplifies a classic "buy the rumor, sell the news" scenario. Initially soaring with anticipation of the Binance listing, the coin later plummeted post-listing.
In response to the volatility, Binance vows to implement additional measures to prevent future "dumps," particularly targeting team corruptionโa key driver of sell-offs.
๐ Can Ronin Coin Bounce Back or Is a Crash Looming?
Currently trading at $2.67, Ronin Coin experiences a slight dip of -1.66% over 24 hours, signaling retracement. The coin faces resistance at $3.60, resulting in a notable -2.66% drop.
However, it finds support near the 20-day moving average at $2.55, historically pivotal since October 2023.
Examining indicators, the Relative Strength Index (RSI) shows a modest negative divergence at 55, indicating potential for a rebound. Likewise, the MACD indicator suggests underlying positive momentum at 0.005.
With Ronin Coin poised above crucial support and indicators hinting at a recovery, there's optimism for a successful retracement from upper trendline resistance.
๐ Potential Upside and Downside Scenarios
Upside momentum targets upper resistance at $3.09, potentially marking a 15.8% increase. Conversely, downside risk could see RON dip to $2.02, signaling a 24.29% decrease.
Currently, Ronin Coin presents a risk-reward ratio of 0.64 on a short-time frame, indicating a cautious entry point with predominant downside risk.
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