Ripple and Tron: Tron under pressure is going to a new low
- Since Friday, Ripple’s price has been in a stable bullish consolidation, receiving support at the 0.5408 level.
- For the second week in a row, the price of Tron is in retreat.
Ripple chart analysis
Since Friday, Ripple’s price has been in a stable bullish consolidation, receiving support at the 0.5408 level. Over the weekend, we saw consolidation and a test of the 0.6000 level. On Monday, the price gained new bullish momentum and rose to 0.6236. After forming the weekly high, we saw a pullback and retest at the 0.6000 level. Here, we also test the weekly open price, and for now, we remain on the positive side.
With the support of the EMA 50 moving average, we expect to initiate a more concrete recovery. Potential higher targets are 0.6200 and 0.6300 levels. If we happen to drop below the weekly open price, it will increase the bearish pressure. After that, Ripple would be forced to initiate a pullback and look for new lower support. Potential lower targets are 0.5900 and 0.5800 levels.
Tron chart analysis
For the second week in a row, the price of Tron is in retreat. On Monday, the price formed a weekly high at the 0.137127 level, after which a bearish consolidation was initiated. This led us to see a drop to a new weekly low this morning at the 0.131192 level. For now, the price has stopped declining and has recovered slightly to the 0.132350 level. We need a continuation of this positive consolidation to return to the bullish side.
By returning to the 0.135000 level, we will receive support from the EMA 200 moving average and the weekly open price. After that, the price of Tron would have an opportunity to strengthen the bullish momentum and start a recovery. Potential higher targets are 0.136000 and 0.137000 levels. We need a continuation of this week’s bearish consolidation for a bearish option. A descent into the zone of this morning’s low could produce an impulse below to a new weekly low. This would mean that Tron is in trouble and needs new support. Potential lower targets are 0.131000 and 0.130000 levels.
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