RON is the native cryptocurrency of Ronin which is an EVM blockchain crafted for developers building games with player-owned economies. In today’s article, we’ll dive into the daily Elliott Wave structure taking place and we’ll explore the potential path based on the Theory.
Since November 2022, $RON traded higher within an impulsive 5 waves advance. From $0.196 low to a peak of $4.56, an impressive 2052% move just within 15 months. The recent March 2024 peak is proposed to be a wave ((1)) and it was followed by a 46% decline in wave ((2)). The downside correction unfolded within a Zigzag structure (A)(B)(C) and $RON did reach the buying blue box area around equal legs at $2.93 – $1.99.
The blue box showing in our chart is a technical area where we expect the correction to end then the start of the next leg to the upside in a proposed wave ((3)). The Initial reaction from the lows is expected to be wave (1) of ((3)), consequently $RON is expected to remain supported above May low $2.42 and it will be looking to resume the daily rally looking for new highs within an initial target area at $6.7 – $9.4.
Ronin $RON Daily Chart 6.4.2024
Setup Recap
-Time Frame : Daily
-Entry Area : $2.93 – $2.57
-Invalidation Condition : Daily Close below $1.99
-Targets / Ratio : Target 1 at $6.77 (3.9 RR) – Target 2 at $9.46 (6.66 RR)
Source: https://elliottwave-forecast.com/cryptos/ronin-ron-upside/