Ripple and Tron: Tron under bearish pressure on Monday
The price of Ripple rose to the 0.7484 level last night, a new high this year.
During the weekend, the price of Tron continued with bearish consolidation.
Ripple chart analysis
The price of Ripple rose to the 0.7484 level last night, a new high this year. We previously consolidated over the weekend in the 0.6000-0.6400 range. Yesterday, in the US session, there were two strong bullish impulses and a jump to a new high.
Today, we see a pullback to the 0.700 level, but we remain under pressure to go even lower. Today’s low is at the 0.6800 level, while at the 0.6600 level, we have another support in the EMA50 moving average.
A break below would take Ripple down to the EMA200 in the zone around the 0.6400 level. There, we can expect stronger support, from which we would start a new bullish consolidation.
If Ripple maintains its current position, it will form a higher low compared to yesterday. After that, we go above the 0.7000 level and start a bullish consolidation. With this, we return to the bullish trend and hope for a new high.
Tron chart analysis
During the weekend, the price of Tron continued with bearish consolidation. We had resistance at the 0.137500 level, after which we continued with negative consolidation up to the 0.133700 level. On Monday, we continued with the decline until the 1.13200 level. There, we formed a new weekly low.
Then, there was another bullish attempt that stopped us at the 0.134000 level. Tron was again forced to retreat, and this pushed it to a new weekly low at the 0.131700 level.
We remain under bearish pressure and expect Tron’s price to reach a new low. Potential lower targets are the 0.131500 and 0.131000 levels. For a bullish option, we need a return above the weekly open price. With that step, we would have moved significantly from the bearish path. Forming a new bottom in that zone provides us with support for a continuation on the bullish side.
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