Ronin (RON) is currently witnessing a bearish trend, having relinquished its 15% price gain by collapsing nearly 30% over the past 24 hours following a listing on the Binance exchange.
Notably, the recent decline in Ronin’s price has led to a breach below the pivotal $3 price threshold. The asset recently reclaimed the $3 level after trading below it since February 2022. However, this milestone came with stern resistance from the bears.
Upon hitting a two-year high of $3.538 in its 15% price spike yesterday, Ronin faced opposition that has seen it give up all the gains from the latest upsurge. The asset is now down 26% over the past 24 hours, currently changing hands at $2.54.
Ronin has leveraged the $2.5 price support as a defense against any substantial declines. At its current price, the cryptocurrency is still trading at a 23-month-high. However, RON’s market capitalization has now slipped below the $1 billion mark, currently sitting at $746.26 million.
Meanwhile, Santiment data indicates that the asset has witnessed increased social activity, with social volume spiking 254% in the past 24 hours. Within this timeframe, bearish sentiments have equally recorded a spike from 0.87 to 5.58.
These metrics suggest that sentiments around the crypto asset have flipped over the last 24 hours, with investors becoming increasingly bearish. This has compounded RON’s selling pressure, with 24-hour volume rising 275% to $203 million as market participants look to sell off their holdings.
This massive drop has made Ronin the biggest loser among the top 100 cryptocurrencies in the past 24 hours. Recall that the asset secured the top gainer spot among the largest 100 cryptocurrencies yesterday, as reported by crypto.news.
Ronin’s good fortunes began with a 15% surge, as it rallied to a two-year high of $3.538. This uptrend came on the back of investor interest and increased address activity on the Ronin network. Trade volume spiked to $80 million, with daily active addresses recording a five-times rise from last December to this month.
However, the rapid price surge coincided with an announcement from Binance, suggesting an imminent listing. Binance opened trading for RON yesterday at 16:30 UTC. Ronin’s downtrend began five hours after Binance started trading the token.
In response to accusations that members of Binance participated in the pump and dump of Ronin, Binance’s co-founder Yi He announced measures to mitigate a similar occurrence in the future, including a $5 million bounty for any information thats leads to the ousting of corrupt Binance employees.
