Ripple and Tron: Tron descends to a new August low
- The Ripple price retreated to 0.4324 levels yesterday.
- On Monday, the price of Tron fell to the 0.116709 level, forming a new August low there.
Ripple chart analysis
The Ripple price retreated to 0.4324 levels yesterday. Compared to last week’s high, a 34% drop in price was recorded. Further pullback was stopped at that level, and we found the strength to initiate a bullish consolidation. This morning, the price bounced back above the 0.5000 level, where it found support from the EMA 50 moving average. A new daily high was formed at the 0.5200 level, and we are close to testing the weekly open price of 0.5234.
If we manage to move above to the positive side, the chances of a continuation to the bullish side increase. Potential higher targets are 0.5400 and 0.5600 levels. For a bearish option, we need a negative consolidation and a drop in Ripple price down to the 0.4800 level. This will form a new daily low and confirm the increase in bearish momentum. Potential lower targets are 0.4600 and 0.4400 levels.
Tron chart analysis
On Monday, the price of Tron fell to the 0.116709 level, forming a new August low there. The price drop was 16% compared to last Monday. The holddown was short-term, as a bullish consolidation was soon initiated. This morning, we managed to break through the previous high and form a new one at the 0.123333 level. The price is now supported by the EMA 50 moving average, which increases the optimism for further recovery to the bullish side.
Potential higher targets are the 0.124000 and 0.126000 levels. In the 0.127400 zone, we will test the EMA 200 moving average. For a bearish option, we need a new negative consolidation and a drop from the 0.120000 level. This confirms that Tron is losing strength again and could continue on the bearish side. Potential lower targets are the 0.118000 and 0.116000 levels.
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