NOIDA (CoinChapter.com) — Ronin, the blockchain platform supporting Axie Infinity, saw its native token RON’s price reach a new all-time high on Feb. 5 before corrections pared gains. The spike in RON price was likely due to Binance listing the Ronin token.
Apart from the Binance listing, the Ronin blockchain platform has been actively promoting its products on social media, such as the Ronin Wallet. The Ronin team has seemingly partnered with several content creators to promote or post content related to the blockchain network.
While some users promoted playing Ronin-based P2E games like Axie Infinity, others shared updates regarding the growth in Ronin’s daily active addresses, highlighting the blockchain’s growing adoption.
Ronin’s Binance Boost Helps Start A Rally
Binance’s announcement to list RON attracted buyers to the market, propelling the token to a new ATH near $3.6 on Feb 5.
The listing introduced RON to a broader audience, offering spot trading pairs, including RONIN/BTC, RONIN/USDT, RONIN/FDUSD, and RONIN/TRY. Trading for the pairs would start on Feb. 5 at 13:30 (UTC).
Users can start depositing RONIN in preparation for trading, while the exchange will enable withdrawals after 24 hours on Feb. 6 at 13:30 (UTC).
RON’s price movement reflected the increased activity and the heightened interest in the Ronin token, highlighting the reason why traders consider exchange listings as a bullish cue.
But Bears Profit Booking Kills RON’s Bull Run
However, the Binance-listing fueled RON price rally was short-lived, as bears started booking profits and forced the token to reverse its course. As a result, RON price spiraled more than 24% to reach a daily low near $2.73 before recovering slightly.
RON price rebounded off the 20-day EMA (red wave) support near $2.6. However, if the Ronin token price breaches the immediate support, the token could drop to the 50-day EMA (purple wave) support near $2.17 before recovering.
On the other hand, if the Ronin price consolidates near current price levels, bulls could try to capitalize on the Binance listing news to push the token to the resistance near $3.63. Flipping the immediate resistance might help RON price rally to the resistance near $4.15 before corrections pare gains.
The RSI for RON remained neutral, with a score of 67.76 on the daily charts.
