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Breaking Ronin (RON) Price Increases Above $3 for the First Time in Two Years – Here’s Why

2 mins
Updated by Ryan James
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In Brief

  • Coinbase announced that it listed RON on its roadmap today, preceding a price breakout above $3.
  • While the 3-day time frame shows weakness, the daily chart suggests RON will continue increasing.
  • Despite the bullish RON price prediction, a decrease inside the channel can trigger a sharp drop.
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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

The 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. 

RON Price Movement
RON/USDT 3-Day Chart. Source: TradingView

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.

Readings 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.

RON Price Prediction: How Long Will Increase Continue?

Despite 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.

If the upward movement continues, RON can increase by another 15% and reach the $3.50 resistance area.

RON Price Prediction
RON/USDT Daily Chart. Source: TradingView

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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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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