The RON Coin has seen a remarkable rise in price, reaching $3.5, spurred by its inclusion in Coinbase‘s roadmap. This development led to a surge in investor interest, propelling the value of the cryptocurrency. However, the tide turned, leading to a downturn in its market value, leaving investors to ponder the next steps in the volatile crypto landscape.
Investigation into RON Coin’s Declining Value
Nansen, a cryptocurrency analytics firm, has shed light on the recent RON Coin price dip, correlating it with its Binance listing. Coinciding with the listing announcement, the value of RON Coin took a hit. Notably, Arca Investments, a key investor in the Ronin bridge, had been offloading its RON holdings well before the Binance listing, culminating in a significant sell-off on the day of the listing. This move came at a time when investor interest was peaking, with Arca liquidating its assets.
On-chain data reveals that a week prior to Binance’s announcement, Arca Investments traded a substantial 1.5 million RON tokens for ETH, capitalizing on its liquidity provision for the SLP and wETH trading pair. This activity did not go unnoticed by the crypto community, including Binance’s co-founder, who attributed the price drop to those leveraging on-chain data for trading advantages. Meanwhile, Nansen reported a 192.2% uptick in RON’s monthly active addresses, indicating heightened activity.
The sell-off by Arca Investments has come under scrutiny, prompting Binance to consider bolstering measures against such incidents in the future. Insider trading, while illegal in traditional markets, mirrors accusations faced by high-profile individuals like Elon Musk in the past.
Future Trajectory of RON Coin’s Value
As of this report, RON Coin is trading at $2.52 on Binance, having endured a 7% decline in the past day, with a high of $3.22 during the listing period. It hit a low of $2.37 on Binance, but elsewhere it soared to $3.6, breaking the $3.5 resistance level and recording a staggering 789% rise in 106 days. The forecast appears cautiously optimistic, with the coin sustaining above the $2.46 support level. Should it fall below this on the daily chart, we could see a descent towards $2.18 and potentially $1.93, with a critical support at $1.75.
