Ronin (RON) Experiences Bearish Trend Following Binance Listing
Ronin (RON) has encountered a bearish trend, losing nearly 30% of its value in the past 24 hours after being listed on the Binance exchange. The decline in Ronin’s price has resulted in a breach below the $3 price threshold, which it recently reclaimed after trading below it since February 2022.
Price Decline and Resistance from Bears
After reaching a two-year high of $3.538 during a 15% price surge, Ronin faced opposition that caused it to lose all its recent gains. The cryptocurrency is currently down 26% and trading at $2.54.
Ronin has relied on the $2.5 price support to prevent significant declines. Despite the drop, it is still trading at a 23-month high. However, its market capitalization has fallen below $1 billion and now stands at $746.26 million.
Increased Social Activity and Bearish Sentiments
According to Santiment data, Ronin has seen a surge in social activity, with social volume increasing by 254% in the past 24 hours. Additionally, bearish sentiments have risen from 0.87 to 5.58 within this timeframe.
These metrics indicate a shift in investor sentiment towards Ronin, with an increasing number of investors adopting a bearish outlook. This has intensified selling pressure, leading to a 275% rise in 24-hour volume to $203 million as traders look to sell off their holdings.
Ronin’s Dramatic Drop as Top Loser
The significant price drop has made Ronin the biggest loser among the top 100 cryptocurrencies in the past 24 hours. Previously, the asset had secured the top gainer spot among the largest 100 cryptocurrencies.
Factors Influencing Ronin’s Price Movement
Ronin’s price surge coincided with an announcement from Binance about its imminent listing. Trading for RON on Binance began at 16:30 UTC, and Ronin’s downtrend started five hours later.
In response to allegations of pump and dump involving Ronin, Binance co-founder Yi He announced measures to prevent similar incidents in the future. This includes offering a $5 million bounty for any information leading to the exposure of corrupt Binance employees.
Hot Take: Ronin Faces Steep Decline Following Binance Listing
Ronin (RON) has seen a significant drop in value after being listed on the Binance exchange. Despite reaching a two-year high, Ronin faced strong resistance from bears and lost all its recent gains. The cryptocurrency is currently trading at a 23-month high but has slipped below $1 billion in market capitalization. Increased social activity and bearish sentiments have contributed to Ronin’s selling pressure, with traders looking to sell off their holdings. This dramatic decline has made Ronin the biggest loser among the top 100 cryptocurrencies. The listing on Binance coincided with accusations of pump and dump, leading to measures being announced by Binance to prevent similar occurrences in the future.
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