Ronin Network Shows Growth But Price Still In Descending Triangle – RON Lagging Behind?
Ronin Network
Key Takeaways
- Ronin Network remains the second-most-used blockchain during significant growth.
- Despite growth, RON struggles within a descending triangle pattern.
- A break above $2.50 could signal the next bullish move.
Despite the Ronin Network‘s significant expansion and rising user engagement, the price of its native token, RON , remains stagnant. This discrepancy between strong ecosystem growth and a falling price raises questions about whether RON lags behind the network’s promising fundamentals.
Ronin Fundamentals
April was a significant month for the Ronin Network, marked by major milestones and growth. The network’s daily active addresses increased by 12.38% to over 1.3 million. Meanwhile, nearly 1.5 million new wallets were added, bringing the total to over 18.6 million.
This surge pushed Ronin to the second-most-used blockchain spot. Strong engagement from games like Axie Infinity, Pixels, and Apeiron helped support it. Meanwhile, NFT trading volume on the network reached $83.65 million, ranking it second, while it stood third in gaming transactions.
The Ronin ecosystem also saw significant platform updates. The Katana DEX expanded its features to include new liquidity zones and wRON wrapping. Meanwhile, Coinbase Pay integration brought seamless fiat-to-crypto transactions into the Ronin Wallet.
Ronin’s rapid growth is driven by a strong and loyal community, strategic partnerships, and a growing roster of games. These factors have attracted projects from other chains and encouraged further development within the ecosystem, solidifying Ronin’s leadership in gaming blockchains and promising continued success in the months ahead.
Ronin (RON) Price Analysis
After reaching an all-time high of $4.50 on March 14, RON started to struggle to keep up the upward momentum. Instead, it made a significant downturn.
This downtrend lasted until May 1, when the price reached $2.50 at its lowest point. This area served as support in February and March and was the last price plateau where RON made its upward advancement. The 0.5 Fibonacci retracement from its previous uptrend started in October last year at a low of $0.40.
The downtrend could be over, because the price appears to have stabilized. With the daily chart RSI showing oversold conditions, a breakout above the descending resistance could signal the next climb to a new all-time high above $6.
However, should the price break its horizontal support of $2.50, RON could face more downside, with the next likely stopping point at the 0.618 Fibonacci point at $2.
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.
