RONIN is currently reacting within a well defined immediate demand zone after completing a clear five-wave decline, marked by an extended corrective structure labeled WXY. This drop has brought price action into a technical exhaustion area, where buying interest is starting to emerge.
The confluence of channel support, wave completion, and horizontal demand makes this level a valid candidate for a short-term bullish bounce. A potential rally toward the $0.957 handle is likely if buyers can sustain momentum from here. This zone may act as a relief checkpoint before any further upside toward the $1.461 main supply area—where significant resistance is expected.
However, a failure to hold above this demand could open the door for a continuation lower, targeting the base support zone around $0.18–$0.21. This would signal deeper structural weakness and potentially complete a broader accumulation phase.
For now, eyes are on whether this bounce evolves into a meaningful move or remains a corrective pop in a larger bearish cycle. Stay sharp RONIN is at a pivotal inflection.
The confluence of channel support, wave completion, and horizontal demand makes this level a valid candidate for a short-term bullish bounce. A potential rally toward the $0.957 handle is likely if buyers can sustain momentum from here. This zone may act as a relief checkpoint before any further upside toward the $1.461 main supply area—where significant resistance is expected.
However, a failure to hold above this demand could open the door for a continuation lower, targeting the base support zone around $0.18–$0.21. This would signal deeper structural weakness and potentially complete a broader accumulation phase.
For now, eyes are on whether this bounce evolves into a meaningful move or remains a corrective pop in a larger bearish cycle. Stay sharp RONIN is at a pivotal inflection.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.