Ripple and Tron: Tron is once again close to the weekly high
- Ripple’s price climbed to 0.6334 on Wednesday, forming a new weekly high.
- Tron price is in bullish consolidation for the third day in a row.
Ripple chart analysis
Ripple’s price climbed to 0.6334 on Wednesday, forming a new weekly high. After that, the price started a pullback and stopped this morning at the weekly open price of 0.5950. Here, we now have a new bottom and a higher low compared to the previous one. The EMA 200 moving average support remains stable for 12 days in a row, reinforcing the reliability of our analysis. Based on this, we expect to see the initiation of a new bullish consolidation.
Potential higher targets are the 0.6200 and 0.6300 levels. For a bearish option, we need a negative consolidation and a descent of Ripple to the 0.5900 level. There, we will retest the EMA 200 moving average. This time, we may see a break below and the formation of a new daily low. Potential lower targets are the 0.5800 and 0.5700 levels.
Tron chart analysis
Tron price is in bullish consolidation for the third day in a row. We are currently leading the formation of a daily high at the 0.136274 level. The price has been in a strong bullish consolidation since this morning, with the 0.133470 level. If this trend continues, we could soon test this week’s high of 0.137127, formed on Monday. Potential higher targets are 0.137500 and 0.138000 levels.
For a bearish option, Tron would have to stop growing and run out of bullish momentum. A pullback to 0.135500 would indicate that we are slowly turning to the bearish side. After that, we can expect a further pullback and a search for new support at lower levels. Potential lower targets are 0.135000 and 0.134500 levels. Additional major support to the price is the EMA 200 moving average in the 0.134250 zone.
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