Ripple and Tron: Tron retreated to a new low on Wednesday
- The price of Ripple has been in a new bearish consolidation since last night
- The price of Tron fell to a new weekly low on Wednesday at the 0.148545 level
Ripple chart analysis
The price of Ripple has been in a new bearish consolidation since last night. After forming a new high at the 0.5653 level, the price began to retreat and fell to the 0.5510 level this morning. We have fresh support here for now that could stop further pullbacks. If the support holds, we expect the start of bullish consolidation and the return of the above daily open price of 0.5600.
Potential higher targets are 0.5650 and 0.5700 levels. At 0.5650, we will retest the EMA 200 moving average, and we expect support for us this time. For a bearish option, we need a negative consolidation and pullback to the 0.5450 level. Going down to that level, we will fall below the weekly open price. This will increase the pressure on Ripple to start a further pullback and search for a new support level. Potential lower targets are 0.5400 and 0.5350 levels.
Tron chart analysis
The price of Tron fell to a new weekly low on Wednesday at the 0.148545 level. After that, we saw an attempted recovery that stopped at the 0.152000 level. From there, a new bearish consolidation was initiated and a drop to the 1.149000 support level. Today’s opening is at the 0.150000 level, and everything indicates that we can see further progress on the bearish side.
Potential lower targets are the 0.148000 and 0.147000 levels. For a bullish option, we need a positive Tron price consolidation above the 0.150000 level. This will first form a new daily high and increase the bullish momentum to continue to higher levels. Potential higher targets are the 0.151000 and 0.152000 levels. Moving above 0.151000, we found new support at the EMA 50 moving average.
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