Ronin Network, renowned for its dominance in the NFT gaming sector, is experiencing a notable technical pattern that could indicate a bullish breakout. A recent analysis by CryptoBusy highlights a potential “Cup and Handle” pattern, suggesting a possible upward move for Ronin (RON).
The “Cup and Handle” pattern is a bullish continuation signal, often indicating a period of consolidation followed by a breakout. This pattern comprises two main stages: the cup and the handle. The cup stage is characterized by a rounded bottom, reflecting a gradual shift from selling to buying pressure. For Ronin, this formation occurred from mid-2023 to early 2024, demonstrating a steady accumulation phase. Following the cup’s peak, a pullback or consolidation forms the handle, which was observed in early 2024, where Ronin consolidates its gains before a potential breakout.
Several key levels provide insights into Ronin’s price movements. The demand zone around 2.422 is a critical support area, indicating where buying interest is anticipated. Additionally, Fibonacci retracement levels provide further resistance and support insights. The 0.618 level at 3.999 represents a major resistance level where the price retraced and faced selling pressure.
The 0.5 level at 3.494 marks Ronin’s current consolidation point, indicating a potential point of stability before further movement. Furthermore, the 0.382 level at 2.989 acts as a support level, while the 0.236 level at 2.484 aligns closely with the demand zone, reinforcing strong support.
10 Chart Patterns Every Crypto Trader Needs to KnowAccording to CoinGecko, Ronin (RON) is currently priced at $2.33, with a 24-hour trading volume of $34,733,524. Despite the promising technical pattern, Ronin has faced a 6.5% price decline in the last 24 hours and a 17.7% decline over the past week. With a circulating supply of 330 million RON, the market capitalization stands at $766,785,875.
Ronin’s recent performance shows that it is underperforming compared to the global cryptocurrency market, which has decreased by 3.50% over the past week. Additionally, Ronin has lagged behind similar cryptocurrencies under FTX Holdings, which have seen an 11.40% increase.
