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Bittime - The price ofthe Ronin (RON)crypto recently underwent a correction, but seems to be starting to bounce back. This article discusses RON technical analysis to see potential next movements.
RON Price Holds Above 50 Day EMA
After experiencing a decline for several days, RON price showed a positive signal by successfully recovering from its dynamic support level, namely the 50-day exponential moving average ( EMA ). At the time of writing this article, RON price is around $2.79 USD with an intraday increase of 0.82%.
However, the short-term trend is still slightly vulnerable to a downside as the previous 20-day EMA support level has been breached. However, buyers seem to be starting to come back into action to stabilize the price around the 50-day EMA, thereby preventing further declines.
Overall, RON price is currently still above the previous swing low point of $2.44, indicating the long-term trend is still potentially bullish.
The Failure of Bulls and the Emergence of Bear Dominance
Previously, RON was in an uptrend marked by an upward movement pattern. The 20-day EMA, which is an important support level, succeeded in bringing the RON price beyond its previous highest point.
However, buyers failed to maintain this momentum and the latest high actually formed a double-top pattern. This triggers an aggressive selling action from sellers who see an opportunity for a price reduction.
Will Bulls or Bears Rule the Market?
The short-term trend outlook currently looks neutral to bearish after the 20-day EMA was broken. However, buyers managed to revive in the last few sessions and prevented further declines, as well as stabilized the price around the 50-day EMA.
If the RON price is able to stay above the 50-day EMA and rises again, then more potential buyers will be attracted to enter the market, with the opportunity to bring the price to the previous swing high.
Conversely, if sellers continue to dominate the short-term trend and the price falls again, then a short-term price correction may occur. A break of the 50-day EMA support level could open the potential for a deeper decline to the 200-day EMA level of $1.7.
Ronin Crypto Technical Analysis
Technical indicators provide mixed signals regarding the short-term trend. Currently, RON price is below the 20-day EMA, indicating a neutral to bearish outlook. But on the other hand, the price is still holding above the 200-day EMA, indicating a long-term bullish trend.
At the time of writing, the RSI line is at 47.84 points, while the 14-day SMA line is at 55.99 points. The bearish cross between RSI and SMA indicates a short-term negative trend.
Also Read: Complete Guide on How to Buy Ronin Coin (RONIN)
Ronin Price Prediction March 2024
RON price prediction for March shows the potential for a comeback if buyers manage to defend the 50-day EMA support level. If buyers are able to clear the 20-day EMA hurdle, the $3.1 and $3.5 levels could be the next targets.
Ronin Price Prediction 2024
The price forecast for 2024 shows the RON token price potentially reaching $6.78, or an increase of more than 144.71%. However, analysts also predict a bearish scenario with RON price reaching $4.94 by the end of the year.
Factors Affecting Ronin Prices in March 2024
Determining the factors that could influence the price of RONIN crypto in March 2024 involves considering various variables that could impact the crypto market as a whole as well as factors that are specific to the RONIN project itself. Here are some factors that could influence the price of RONIN in March 2024.
1. Global Market Sentiment
Global market sentiment towards cryptocurrencies in general can have a major impact on the price of RONIN. If the overall crypto market experiences a bullish trend, RONIN price may also trend upward, and vice versa.
2. Adoption and Use
Increased adoption and use of RONIN in blockchain applications and ecosystems could provide a positive boost to the price. Announcements of new partnerships, integrations with larger platforms, or the development of exciting new features can increase interest and demand for RONIN.
3. Product Development
Technological and product developments related to the RONIN project may affect pricing. Significant changes in the development roadmap, new product launches, or security and performance improvements can have a positive impact on pricing.
4. Community Participation
Strong community activity can have a significant impact on the price of RONIN. Active discussions, promotions, and contributions to the project can increase investors' interest and confidence in RONIN, which can drive the price up.
5. Industrial Development
Developments in the blockchain industry as a whole may also influence the price of RONIN. News related to regulation, institutional adoption, or technological innovation in the blockchain industry could have an impact on the price of RONIN and the crypto market as a whole.
6. Macroeconomic Conditions
Macroeconomic factors such as inflation rates, monetary policy, and geopolitical uncertainty can also influence RONIN prices. Investors tend to look for alternative assets such as cryptocurrencies in conditions of high economic or geopolitical uncertainty.
7. Estimates and Forecasts
Analysis and forecasts from experts or institutions related to the future of RONIN and the crypto market in general can also influence the price. Optimistic forecasts can increase investor interest and push prices up.
Also read How to Buy Crypto:
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH ), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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