Ronin (RON) Gains Momentum Ahead Of Key Breakout: Is A Rally On Horizon?
RON
Date: Tue, Dec 17, 2024, 01:08 PM GMT
The cryptocurrency market has been riding bullish waves over the past month, with Bitcoin (BTC) hitting a historic all-time high of $107K today. This renewed market optimism has sparked significant interest in altcoins, including Ronin (RON), a gaming-focused token that has posted an impressive 67% rally over the last 30 days.
Today, Ronin is back in the spotlight with solid double-digit gains of almost 20%, pushing its price to $2.48 and bringing its market capitalization to $919M.
Source: Coinmarketcap
Key Breakout Ahead:
Ronin’s bullish performance has been consistent, with its monthly gains exceeding 65%. After hitting a high of $2.44 on December 6, the token faced a minor correction, revisiting its lower support level of $1.52.
However, RON made a strong reversal from this support level, driving it to its current price of $2.48. This places the token in a critical resistance zone between $2.32 and $2.51, which has capped its price since June 2024.
As momentum builds, a breakout above the $2.51 level could pave the way for a significant upside move. The next major resistance levels are at $3.33 and $4.51, representing potential rallies of 35% and 79%, respectively, from the breakout point.
Is A Rally On The Horizon?
With major altcoins already experiencing substantial rallies and Bitcoin’s dominance driving the market higher, Ronin is well-positioned for a potential breakout. If it clears the critical $2.51 resistance level and successfully retests it, the stage could be set for a sharp upward rally.
For now, investors and traders should closely watch RON’s price action around the $2.51 zone, as a decisive move could signal the beginning of its next bullish leg.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
Also Read: Stellar (XLM) Gains Momentum Following Key Breakout: Is A Rally On Horizon?
