Ripple and Tron: Tron under heavy pressure below 0.123000
On Tuesday we saw the Ripple price jump to a new weekly high at the 0.5570 level.
Tron’s price was under a lot of pressure yesterday at 0.123000, which led to the initiation of a bearish consolidation.
Ripple chart analysis
On Tuesday we saw the Ripple price jump to a new weekly high at the 0.5570 level. After its formation, the price very quickly went into a bearish consolidation that continues today. Last night, we formed a low at the 0.5225 level. In that zone, we encountered the EMA200 moving average, which stopped further retreat. For now, we are holding above it and waiting for a new impulse to return to the bullish side.
Potential higher targets are 0.5350 and 0.5400 levels. We need a break below this morning’s support for a bearish option. With that step, we will form a new daily low and confirm that we are under bearish pressure. The EMA200 moving average is now on the bearish side and further increases the pressure on Ripple. Potential lower targets are 0.5200 and 0.5100 levels.
Tron chart analysis
Tron’s price was under a lot of pressure yesterday at 0.123000, which led to the initiation of a bearish consolidation. We immediately had a strong bearish impulse that initiated the first step. The price continued to slide below the weekly open price, reinforcing the bearish momentum. By the end of the day, we went down to the 0.120000 level. Today we continue in the same rhythm until the new low at 0.118587 level.
Potential lower targets are 0.118000 and 0.117500 levels. Tron price would have to initiate a new positive consolidation for a bullish option. A return to the 0.120000 level would be a great start. Then, we need to hold on there in order to start a further recovery on the bullish side. Potential higher targets are 0.120500 and 0.121000 levels.
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