Ronin Price Near Breakout From Month Old Consolidation, But Will it Go Up or Down?
Ronin price currently testing its significant support as it consolidated for 30 days. Will we finally see a breakout?
Key Takeaways
- Ronin nears breakout from month-long consolidation.
- Today’s 5.70% decrease tests support level; direction uncertain.
- Bullish and bearish scenarios are both plausible; the market watches closely.
Ronin token teeters on the edge of a significant breakout from a month-long consolidation phase. This period of sideways trading has left many eagerly watching for any signs that might indicate the future direction of Ronin’s price.
Today, April 10, RON price decreased by 5.70% and is now interacting with its support level. Predicting the exact trajectory can be challenging with the market’s inherent volatility, yet the impending breakout suggests a pivotal moment for Ronin. Will it ascend to new heights or take a downward turn?
RON Price Analysis
The price of RON started its last major uptrend from a low of $0.40 on October 20 last year. This was the first macro higher low since June 2022 and was most likely the wave 2 out of the highest degree five-wave count.
Consequently, the subsequent price rise, assumed to be its wave 3, led the price to an all-time high of $4.50 on March 13, increasing by over 1000% since October. After it did, we saw a decline of 32%, with RON falling to a low of $3 on March 20.
It proceeded to recover but formed a triangle whose support level the price is interacting today, around $3.60. The result of this interaction will dictate the future outlook as there are two scenarios ahead.
In a bullish one, the triangle structure is its wave 4, which would now be completed, and we will see a new upward advancement leading it to a new all-time high above $5. Alternatively, we can see a breakout to the downside, signaling further downside movement.
In the bearish scenario, wave 4 still hasn’t ended fully, and RON could be headed to a low of $2.80 before it ends. Daily chart RSI is sitting around its median point, meaning that the price is around its “fair value.” However, MACD has still shown a prevailing downtrend since March 28.
With the price being on a downfall, the likelihood of further depreciation is higher, but until we see the price surpassing the support or resistance, we can’t be sure. But considering the longevity of the last uptrend and the increase we’ve seen, maybe Ronin’s price is likely to cool off in the following period before it can achieve new highs.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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