Ripple and Tron: Ripple is losing its bullish momentum
- On Wednesday, the price of Ripple fell to a new weekly low at the 0.5530 level
- The price of Tron is already in lateral consolidation for the second day in the 0.157000-0.16000 range
Ripple chart analysis
On Wednesday, the price of Ripple fell to a new weekly low at the 0.5530 level. A day earlier, on Tuesday, we saw that the price did not have the strength to move above the 0.6000 weekly open level. This was followed by a pullback and a drop to yesterday’s low. Ripple managed to stabilize and initiate a bullish consolidation. We are currently at 0.5745 and expect to continue this consolidation with a rise to a new daily high.
Potential higher targets are the 0.5800 and 0.5900 levels. For a bearish option, the Ripple price would have to drop below the 0.5700 daily open price. With that step, it moves to the bearish side, and we increase the pressure on Ripple to start a further retreat. Potential lower targets are the 0.5600 and 0.5500 levels.
Tron chart analysis
The price of Tron is already in lateral consolidation for the second day in the 0.157000-0.16000 range. We have been in a bullish trend since this morning after support at the lower level of this range. We are now testing the upper level and expecting an impulse to the new daily high. With that step, the price will cross above the EMA 50 moving average and get its support. Potential higher targets are the 0.162000 and 0.164000 levels.
For a bearish option, we need a negative consolidation and a drop in Tron price below the 0.157000 support level. With that drop, we will have to test the EMA 200 moving average. The inability to hold above will influence us to see a continuation of the retreat to the bearish side and the formation of a new daily low. Potential lower targets are 0.156000 and 0.154000 levels.
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