Ripple and Tron: Ripple is back at the weekly open price
- On Wednesday, the Ripple price jumped to a new weekly high at the 0.6591 level.
- Tron price retreated this morning to 0.128388, a new weekly low.
Ripple chart analysis
On Wednesday, the Ripple price jumped to a new weekly high at the 0.6591 level. After that, there was a loss of bullish momentum, and the price started a bearish consolidation until the end of the day at 0.6200 levels. This morning, we immediately continued with a further pullback up to the 0.5965 level. Price stopped dropping at that level and recovered to 0.6100, where it meets the EMA 200 moving average.
We don’t have the strength to move above, and Ripple is under pressure to pull back again. With a new sill below the 0.6000 level, we will test the previous low and thus strengthen the bearish momentum. Potential lower targets are 0.5950 and 0.5900 levels. For a bullish option, we need a break above 0.6100 and the EMA 200 moving average. With its support, the price would be much more stable and could initiate a bullish consolidation. Potential higher targets are 0.6150 and 0.6200 levels.
Tron chart analysis
Tron price retreated this morning to 0.128388, a new weekly low. We have been in a bearish trend since this week’s beginning after the weekly high formation at 0.139409 on Monday. We fell below the EMA 200 moving average on Tuesday, strengthening the bearish momentum. On Wednesday, the decline continued, while this morning, we stopped and formed a new bottom. The price is giving indications that it could start a new bullish consolidation and move away from the weekly low.
Tron needs to stabilize above the 0.130000 level first. After that, we can expect the initiation of bullish consolidation and strengthening of bullish momentum. Potential higher targets are 0.131000 and 0.132000 levels. Additional support is found at 0.131000 in the EMA 50 moving average. For a bearish option, we need a break below this morning’s support. This moves us to a new weekly low and confirms the bearish pressure. Potential lower targets are 0.128000 and 0.127000 levels.
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