The RONIN crypto surged from the demand zone at $2.40 and reached $2.85 on the one-hour time frame chart.
However, the crypto met the supply zone at the top and its price demonstrated a strong decline as it sank from a vital level of around $2.85 on the chart.
The price action symbolizes a bearish pattern known as a rising wedge by the formation of price action. The RONIN crypto is almost at a significant fall, as it meets the resistance level and dives downward. The price action highlights a breakdown on the hourly chart as the price broke the wedge.
Furthermore, the crypto asset displays strong bearishness and buyer failure and a solid falling tendency as it plunges below major trend 20, and 50-day EMA bands; reliant on the sellers’ surge, it could fall abruptly.
The technical tools for the RONIN crypto price display bearish characteristics as the MACD line has crossed the signal line from above and the histogram is increasing downwards. Besides, the MACD line is at -0.01513, the signal line is t -0.00809, and the histogram is at -0.00703.
The RSI is falling smoothly and has taken rejection from 14-SMA as well, implying that the crypto asset is losing its steam and exhibits that it can achieve new depths in price level and could drop up to the demand zone as well.
In addition, the hourly price structure highlights that the RONIN asset is expressing bearish behavior and shows that sellers could make the price fall further. Moreover, it has attained lousy performance in the last week by 5.73%, respectively, implying a stable downward direction.
Therefore, if RONIN crypto fails to maintain the current level, the price could continue to drag downwards and hit the nearest support level of around $2.58, and breaching this could drag it to $2.40.
On the flip side, if the price sustains the current level and price advances, it might reach the nearest resistance level of $2.75, and more advancement could take the price to retest the supply zone and $2.85.
RONIN price highlights the bearish sentiments and perspectives regarding the crypto asset in the hourly time frame.
Moreover, the technical tools of the asset’s price exhibit the continuation of the downtrend, contingent on the seller’s surge, over the hourly time frame chart. Major reliable and trustworthy indicators, like RSI, MACD, and EMA, highlight a bearish outlook for the RONIN price.
Support Levels: $2.40
Resistance Levels: $2.75
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.