For the past two days, we have been sharing bullish predictions for a popular cryptocurrency, and today the price has made a significant move. In the early hours of the day, RON Coin, which we wrote could see an all-time high (ATH) in February, is now above $3 for the first time in two years. There are several reasons for this impressive rise. So, what’s the next price target?
Ronin (RON)
The three-day chart shows a consistent rise for the popular cryptocurrency of recent days since it broke free from the decreasing resistance line in October. The parabolic surge has brought serious gains for those who recognized the opportunity early on. RON Coin’s price is now back in the $3 region after two years.
The altcoin, which targeted this region for the first time in January, was not successful but now seems determined to continue its stubborn journey towards an ATH. RON Coin’s price, which has been suppressed below $3 for over 700 days, is now at its highest level since February 2022. However, the RSI on the three-day chart is now showing a bearish divergence.
RON Coin Price Prediction
Despite the bearish divergence in the RSI, the daily chart offers a more optimistic reading. The Coinbase exchange’s addition of RON Coin to its roadmap for listing has positively influenced sentiment for several days. We may soon see the official announcement of the listing, which would mean the altcoin reaching more investors.
The daily chart indicates that RON has broken out of an ascending parallel channel that has been in place since December 2023, which looks reasonable for a rapid upward surge. Such breakouts typically lead to significant price increases.
Additionally, the daily RSI is rising, and the Bitcoin price remains above $43,000 despite negative macro factors, suggesting a supportive overall market sentiment for now. If the upward movement continues, RON Coin’s price could climb roughly 15% from its current level to $3.5.
However, if the price starts to fall due to excessive profit-taking, we could see a return to the rising support trend line at $2.3. Weekend volumes are generally weak, so investors who prefer to be cautious may start taking profits. On the other hand, if Coinbase makes the official listing announcement, profit-taking could begin during this period after the last peak.
