Price successfully rebounds from the current levelThe cryptocurrencies global market cap has surged by 1.05%, and it currently stands at $2.40 Trillion. The Ronin (RON) is among the top 100th preferred list in terms of market cap, it ranks at the 88th position on CoinMarketCap.
The RON price has shown a resurgence possibility from the $2.20 price mark, exhibiting an 1.45% intraday growth on the daily chart, with the price traded at $2.429.
When writing, the Ronin (RON) market cap is $802.472 Millionillion, with a circulating supply of 330.655 million RON. Its circulating token supply is nearly 33% of the total supply of 1 billion RON. Its volume-to-market cap ratio of 24 hours stands at 2.85%, indicating a low liquidity level in the RON cryptocurrency, and lower liquidity, often an indicative sign of potentially less stable market conditions.
What Does Price Indicators Indicates?
Its Indicators are fuzzy due to a lack of liquidity and mixed signals, as MACD forms a bearish cross with histogram at -0.0541, price approaching dynamic resistances of 50-day, and 200-day EMA's, and RSI at 35.34 shows a U-turn from oversold towards the overbought.
RON/USD 1.D. price chart | Source: TradingView
Collectively, these technical indicators in Ronin suggest that the market sentiment is leaning toward uncertainty or towards a continued bearish phase for RON.
Deciding Ronin Price Action, and Its Price Forecast!
The Ronin (RON) has experienced a significant price movement. Starting from a demand level of $0.75 in Nov 2023, the RON price saw a substantial rally. It eventually reached $4.45 by March 13th, breaking through the resistance level of $3.5 (a barrier tested two times previously).
However, the peak at $4.45 proved unsustainable, and the price began to decline on March 14th, establishing a new support level at $2.20 by June 18th.
At press time, the RON price traded at $2.43 with an intraday gain of 1.58%.
If Ronin (RON) Price successfully rebounds from the current level and beats dynamic resistance in the process, the nearest targets would be $3.00 and $3.50.
If the RON price is unable to manage the current support level of $2.20, it could reach the $1.50 and $0.75 price mark.
