Ripple and Tron: Ripple continues to sink under pressure
- This morning, we saw the formation of a new weekly low price of Ripple at the 0.5237 level
- On Wednesday, the price of Tron fell to 0.153137, a new weekly low
Ripple chart analysis
This morning, we saw the formation of a new weekly low price of Ripple at the 0.5237 level. After that, the price tried to start a recovery but encountered resistance at the 0.5450 level. A new bearish consolidation from that level now brings us back to the support zone. Bearish momentum is present on the chart; we could soon see a breakout below and a drop to a new weekly low. Potential lower targets are the 0.5100 and 0.5000 levels.
For a bullish option, we need a positive consolidation and a return of the Ripple price above the 0.5500 level. In this way, we would first move away from the previous low and strengthen optimism for a possible recovery. Potential higher targets are 0.5600 and 0.5700 levels. We will have additional resistance in the 0.5700 zone in the EMA 50 moving average.
Tron chart analysis
On Wednesday, the price of Tron fell to 0.153137, a new weekly low. The price quickly consolidated there and started a bullish trend. Movement takes place in the bullish channel, and today’s low was formed at the 0.154000 level. We received support from the EMA 200 moving average today and hope for further growth above yesterday’s high of 0.155500. Potential higher targets are 0.156000 and 0.157000 levels.
For a bearish option, we need a negative consolidation and a return first of Tron below the EMA 200 moving average and the 0.154000 level. With that step, we move to a new daily low. After that, we expect a strengthening of the bearish momentum and a pullback of the Tron price to a new daily low. Potential lower targets are 0.153500 and 0.153000 levels.
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