Ripple and Tron: Tron is retreating from the weekly high
- After a bullish Monday, the price of Ripple is now in a sideways consolidation
- The price of Tron rose to the 0.166700 level on Wednesday, a new weekly high
Ripple chart analysis
After a bullish Monday, the price of Ripple is now in a sideways consolidation. We see a slight bullish trend within this consolidation supported by the EMA 50 moving average. There is a better chance to continue on the bullish side and move above the 0.6050 resistance level. If the price does that, it will have the opportunity to initiate further growth and test this week’s high.
Potential higher targets are 0.6100 and 0.6150 levels. For a bearish option, we need a bearish consolidation of the Ripple price back below the 0.5900 level. Thus, we move to a new daily low and confirm the current bearish momentum. After that, it remains to start a further pullback to the next lower support. Potential lower targets are 0.5850 and 0.5800 levels. Significant price support is the EMA 200 moving average in the 0.5850 zone.
Tron chart analysis
The price of Tron rose to the 0.166700 level on Wednesday, a new weekly high. At this level, the formation is a new three-year high. After that, the price loses momentum and begins to retreat below the 0.165000 level. The decline continued this morning to support at the 0.148050 level. Tron managed to stabilize at that level and initiate a new bullish consolidation. We are now at 0.156555 and have support from the EMA 50 moving average.
Everything indicates that we have an opportunity to return to the bullish trend. Potential higher targets are 0.160000 and 0.165000 levels. For a bearish option, we need a negative Tron consolidation below the 0.150000 level. With that step, we will descend into this morning’s support zone and put pressure on it. After that, we expect an impulse below and a drop to a new daily low. Potential lower targets are 0.145000 and 0.140000 levels.
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