RoninLong
Ronin
Similar to a few other projects, Ronin's chart shows a break of trend (yellow line) and has put in a Higher High (HH). Hopefully we get a chance to put in a good long if there is a retest of support at 1.45 or the 50 day SMA at 1.50.
Invalidation would mean not getting a Higher Low (1.30), or you could be safer with a SL below the 11 month low of 1.20. This coincided with the 782 retracement Fib as shown. Since then it has consolidated sideways for a few months and may have coiled enough to reach new highs.
The obvious first target would be the 200 day SMA and the 3 month high - both around 1.94, but I'm going with low leverage, so can / need / want to be a bit greedy.
TP1 planned to be at major level of support at 2.38 which flipped into resistance and capped the July surge. TP2 is 3.20 which is the 618 return FIB (or even 3.50 if there is momentum).
TP3 assumes gaming is trending strongly and unlocks don't oversupply the market, and is an ambitious 6.45 (the 1.618 Fib for lack of trade history as the ATH is 4.50, and this is a young project).
Happy to hear alternate points of view...
Invalidation would mean not getting a Higher Low (1.30), or you could be safer with a SL below the 11 month low of 1.20. This coincided with the 782 retracement Fib as shown. Since then it has consolidated sideways for a few months and may have coiled enough to reach new highs.
The obvious first target would be the 200 day SMA and the 3 month high - both around 1.94, but I'm going with low leverage, so can / need / want to be a bit greedy.
TP1 planned to be at major level of support at 2.38 which flipped into resistance and capped the July surge. TP2 is 3.20 which is the 618 return FIB (or even 3.50 if there is momentum).
TP3 assumes gaming is trending strongly and unlocks don't oversupply the market, and is an ambitious 6.45 (the 1.618 Fib for lack of trade history as the ATH is 4.50, and this is a young project).
Happy to hear alternate points of view...
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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.