Can Co-founder’s Optimistic Tweet Cause A 50% Surge In RON Price?

• 1 Ronin (RON) ranks 88th on CoinMarketCap, with a market cap of $802.472 Million and a circulating supply of 330.655 million RON. 
• 2 Positive updates from the co-founder indicate growing interest and adoption. 
• 3 Technical indicators in Ronin suggest that the market sentiment is leaning toward uncertainty.

The market cap of global cryptocurrencies has surged by 1.05%, and it currently stands at $2.40 Trillion. The Ronin (RON) crypto is among the top 100 cryptos in terms of market cap. When writing, it ranks 88th among the top 100 cryptos on CoinMarketCap.

The RON price has shown a resurgence possibility from the $2.20 price mark, exhibiting a 1.45% intraday growth on the daily chart, with the price traded at $2.429.

When writing, RON market cap stood at $802.472 Million, with a circulating supply of 330.655 million RON. Its circulating token supply is nearly 33% of the total supply of 1 billion RON. Its volume-to-market cap ratio of 24 hours stands at 2.85%, indicating a low liquidity level in the RON cryptocurrency. Low liquidity is a sign of potentially less stable market conditions.

What Do the RON Price Indicators Indicate?

Its Indicators are fuzzy due to a lack of liquidity and mixed signals, as the MACD forms a bearish crossover with the histogram at -0.0541. The price is approaching the 50-day and 200-day EMAs, and the RSI at 35.34 shows a U-turn from oversold towards the overbought zone.

RON/USD 1.D. price chart | Source: TradingView

These technical indicators in Ronin suggest that the market sentiment is leaning toward uncertainty for the RON price.

Ronin Price Action and its Price Forecast! 

The Ronin (RON) displayed a significant price movement. Starting from a demand level of $0.75 in November 2023, RON displayed a substantial rally. It eventually reached $4.45 by March 13th, breaking through the resistance level of $3.5 (a barrier tested two times previously).

However, the peak at $4.45 proved unsustainable, and the price began to decline on March 14th, establishing a new support level at $2.20 by June 18th.

At press time, the RON price traded at $2.43 with an intraday gain of 1.58%.

If RON manages to surge successfully from the current level and beats the dynamic resistance in the way, the nearest targets would be $3.00 and $3.50.

On the contrary, If the RON price fails to manage the current support level of $2.20, it could reach the $1.50 and $0.75 price mark.

Optimistic Update Spread By Co-founder!

@Jihoz.ron, the cofounder of Ronin network and Axie infinity, published an optimistic tweet for the RON cryptocurrency.

Users’ interest and adoption rate have increased massively in Ronin (RON), as over 200,000 new users across various platforms (chrome ext., IOS, Android) have downloaded the Ronin wallet. 

Meanwhile, Ronin is expanding its user base internationally because the US, Brazil, Poland, France, and Germany account for 75% of all new users. That can lead to more stability and less dependency on a single market.

So far from the @Coinbase learn to earn campaign:

Ronin: Yuuuge Ronin Wallet download numbers + geographic expansion

• 200,000 + new Ronin wallet downloads across the chrome extension, iOs, Android
• US, Brazil, Poland, France, Germany make up 75% of all new onboarded users… pic.twitter.com/2fdgk3HzuB

— Jihoz.ron 🍚 (@Jihoz_Axie) June 19, 2024

Overall, it suggests a robust and growing ecosystem. The endorsement of Coinbase as a community growth partner also adds credibility and could attract further attention to RON.

Summary

The Ronin (RON) crypto ranks 88th on CoinMarketCap, with a market cap of $802.472 million and a circulating supply of 330.655 million RON. 

Low liquidity and mixed indicators suggest uncertainty in the market. The RON price has fluctuated, reaching highs of $4.45 before dropping to $2.20. 

Above all, Positive updates from the co-founder indicate growing interest and adoption. Technically, if the price spikes, it could reach the targets of $3.00 and $3.50.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.