By After its listing on Binance, the GameFi-focused Layer-1 solution Ronin Coin witnessed a -26% drop in RON price.
This RON price analysis will look to see if Ronin Coin is about to crash even further.
Indeed, the dramatic downturn comes following Ronin Coin’s long-awaited Binance listing, which saw RON price rally into the news and dump seismically upon the event in a classic ‘buy the rumor, sell the news’ event.
感谢今天所有关心币安，热爱币安，支持币安的朋友们，也收到了很多建议，我都有认真一条条看。过去偶尔有关于币安上币信息泄漏的激烈讨论，通常是一些尚未发布代币的项目，社区为了保持热度过度宣传并不鲜见；但今天RONIN上币公告发布后RONIN价格下跌引发了社区激烈讨论，经过内部调查发现是之前集成公…
— Yi He (@heyibinance) February 5, 2024
Now Binance has announced new measures will be brought in to prevent a similar ‘dump’ occurrence on future listings, with measures aimed specifically at reducing the risk of team corruption – in a hint at the cause of the sell-off move.
RON Price Analysis: Can Ronin Coin Recover After Seismic Binance Listing Dump or Is Ronin Coin About to Crash?
As RON price pushes through retracement, Ronin coin is currently trading at a market price of $2.67 (representing a 24-hour change of -1.66%).
This comes in a tough rejection from upper trendline resistance, which has seen RON price plummet -2.66% down from a local high at $3.60.
Now finding feet above lower support from the 20DMA, which is currently stood at $2.55, RON price appears to be holding strong technical poise.
Indeed, the 20DMA has provided support to much of Ronin Coin’s recent upside price movements, with steadfast footing visible in the chart since October 2023.
RON price analysis reveals a strong likelihood of a bounce at these levels, and this is a view which receives confirmation from RON’s key indicators.
Namely, the RSI indicator has cooled-off significantly in the retracement move, now showing only moderate bearish divergence at 55 – in a suggestion that the worst of retracement is over for now.
This meets with a degree of confirmation from the MACD indicator, which despite the retracement move continues to show bullish momentum underpinning price at 0.005.
Overall, RON price analysis reveals a snapshot of a successful retracement from upper trendline resistance, with RON price left poised above historic support and indicators in potentially bullish positioning.
To the upside, RON price is left targeting an upside move to upper resistance around $3.09 (a potential +15.8%).
While downside risk could see RON price tumble down to lower support at $2.02 (a possible -24.29%).
Therefore, RON price analysis reveals that Ronin coin currently has a risk: reward ratio of 0.64 on the short-time frame – a bad entry – dominated by downside risk.
But while Ronin coin offers a poor entry on the short-time frame, a better opportunity is emerging ahead of the Bitcoin halving event, in the form of the Bitcoin Minetrix presale.
RON Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $10.35M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$10,342,452 raised – with the latest Stage 24 just kicking off!
Offering an enticing 75% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
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Stage 24 of #BitcoinMinetrix is now underway!
How does the #Bitcoin block size limit affect mining dynamics? pic.twitter.com/cwcjTjafHN
— Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$13M In The Crosshairs: Bitcoin Minetrix Surges Past $10.35M – Poised to Outperform RON Price Analysis
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
Why Has Bitcoin Mining Become So Centralized?
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over RON Price Analysis Verdict:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $9.1m raised towards its $9.5M goal. At a competitive price of just $0.0133 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
The Bottom Line: Don’t Miss BTCMTX
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
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