ERON Price Analysis: Emerging Bullish Pattern Foretells 65% Rise In ERON

The ERON projects share their two main goals: providing basic human facilities to needy people and building a suitable and effective blockchain ecosystem. ERON is their native token which is used to maintain their ecosystem. Furthermore, among their multiple services, they have plans to launch their official exchange of the ERON blockchain- ERONbit this month(May 2022).

The ERON technical chart shows early signs of a bullish rounding bottom pattern as the coin price sustains above the $0.00006 mark. The expected rally should surge the altcoin to the $0.0001 mark, indicating a 65% gain from its current value.

Key points

• The ERON buyers mount stiff support at $0.0006
• A Rising RSI slope suggests an upcoming rally in ERON price
• The 24-hour trading volume in the ERON coin is $271.5K, indicating a 1.73% loss

Responding to the widespread correction in the crypto market, the ERON price witnessed a significant downfall and plunged to a new low of 0.000008209 on April 13th. For nearly a month, the coin wavered near this value, but the growing interest of buyers triggered a fresh recovery rally.

Thus, a set of new higher highs and higher lows registered a 750% gain within a fortnight as the price hit the $0.00009541 mark. However, the last bearish pullback has retraced the ERON price to $0.00006, discounting the altcoin by 35%.

Furthermore, multiple retests to this psychological level indicate the buyers are aggressively defending this support, and the sustained price may resume the prevailing trend. The rising price hints at the formation of a rounding bottom pattern with the neckline at $0.000096.

Under this pattern influence, the ERON price should breach the mentioned neckline and drive the bull run 28% higher to $0.00012.

On a contrary note, a fallout to this support would extend the correction to $0.00000435 or $0.027.

Technical indicator

RSI indicator: Despite a lateral walk-in price action, the RSI slope rallying higher suggests a rise in underlying bullishness. This positive divergence bolsters the bullish pattern theory to reach the $0.00012 mark.

EMAs: The coin chart shows the 100 and 200 EMA act as strong support during the occasional pullbacks. Therefore, this dynamic support maintains the ongoing recovery rally for ERON

• Resistance level- $0.0001 and $0.00012
• Support levels- $0.00006 and $0.000043