Ronin (RON) Punches Its Way Through Technical Resistance

Just when it seemed headwinds were poised to land a heavy blow on bulls on the Ronin daily chart, bulls managed to stage a strong recovery. A more detailed look at the market is provided below. Let’s dive in.

RON Statistics

Current Price: $0.1696

Market Capitalization: $130.35M

Circulating Supply: 729.05M RON

Total Supply: 1B

CoinMarketCap Rank: 196

Key Levels

Resistance: $0.1700, $0.1900, $0.2100

Support: $0.1600, $0.1400, $0.1200

Ronin Price Pumps by Nearly 8%

As of the ongoing session, the RON/USDT market has registered a sizeable price increase. This has pushed the token to trade clearly above the 9-day Exponential Moving Average (EMA) curve.

The corresponding price candle also stands tall and green. Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines have just delivered an upside crossover above the 50 level. The resulting lines remain sideways but have already initiated a positive shift in the market.

RON May Get Pushed Back Slightly

While the Ronin market remains on a bullish path, signs of mild weakness are beginning to emerge. The latest price candle remains green, and price action continues to trade above the 9-day EMA curve.

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However, the previous session was more significant than the current one. Additionally, the SRSI indicator lines are positioned high in the overbought region, with the terminal ends also elevated.

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Consequently, while some pullback toward the $0.1650 level may occur, the market could still push higher toward the $0.1850 price level.

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