The Ronin (RON) price has increased siwftly in the past three months and moved above $3 for the first time in two years today.
RONIN is quickly approaching its all-time high price. Can it reach it in February?
Ronin Breaks Out Above $3
SponsoredThe technical analysis from the 3-day chart shows that RON has increased rapidly since breaking out from a descending resistance trend line in October.
The increase has been near parabolic since RON has barely experienced any retracement at all.
The upward movement accelerated further in January, leading to a high of $3.03 today. This was the highest price in more than 700 days, more specifically since February 2022.
RON is approaching the final horizontal resistance area at $3.50.
The 3-day Relative Strength Index (RSI) shows signs of weakness. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
SponsoredReadings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
While the indicator is still increasing, it has generated a bearish divergence, a sign often associated with bearish trend reversals.
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RON Price Prediction: How Long Will Increase Continue?
SponsoredDespite the bearish divergence in the 3-day time frame, the daily chart suggests the upward movement will continue. This is because of the price action and RSI readings.
The price action shows that RON broke out from an ascending parallel channel existing since December 2023. Such breakouts often lead to an upward movement.
The increase may have occurred after Coinbase announced that it had added RON to its roadmap.
Furthermore, the daily RSI is increasing (green icon) and moved into overbought territory. There is no bearish divergence in the daily time frame.
SponsoredIf the upward movement continues, RON can increase by another 15% and reach the $3.50 resistance area.
Despite this bullish RON price prediction, a decrease inside the channel can trigger a 30% drop to the ascending support trend line at $2.30.
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