Ronin breaks out of 3-month range – Can bulls push $RONIN toward $0.19?
Ronin [RON], the $85.9 million market cap gaming token, surged 76.26% on the 18th of May, climbing from $0.0851 to $0.150. Since then, it has pulled back 26% from the local high and was trading at $0.1108 at press time.
Notably, the daily trading volume surged by 1,592%, according to CoinMarketCap data, and the Open Interest was up by 437.77% in the previous 24 hours.
Moreover, strong speculative capital flow and heavy trading volume signaled potential for RON. Here’s a closer look at the obstacles the altcoin could face.
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RON’s three-month range’s bullish breakout
Final Summary
RON had been in a long-term downtrend, but its recent rally has shown bullish potential with high spot and derivatives trading volume.
The small-cap token’s bulls need to defend the former range highs and sustain the buying pressure to keep the rally going.
