Ripple and Tron are under pressure looking for new support
Tron’s price managed to climb to a new high of 0.168812 on Monday
Ripple chart analysis
Last weekend, the price of Ripple climbed to the 0.6312 level, forming a two-week high there. Shortly thereafter, a bearish consolidation below 0.6200 was initiated. On Sunday, we continued to fall all the way to 0.6000, where we tried to hold above the EMA 200 moving average. We failed in that because, on Monday, we had a continuation of bearish consolidation and a drop to the 0.5782 level.
Here, we formed a new daily low and stabilized there. The price of Ripple had a new opportunity to start a recovery, and it managed to do so up to the 0.5950 level. There, the price again met the EMA200 moving average, which did not allow us to go back above. Ripple is pulling back again and tilting to the bearish side. With this move, the chances of us continuing to retreat increase. Potential lower targets are 0.5700 and 0.5600.
Tron chart analysis
Tron’s price climbed to a new high of 0.168812 on Monday. We broke above last week’s high. At that level, we encountered resistance and initiated a bearish consolidation. First, we pulled back below the weekly open price, which put additional pressure on the price to go into a stronger pullback. We also broke the EMA 50 moving average line, and today, a new low was formed at the 0.159562 level.
Everything indicates that we will see a continuation on the bearish side. Potential lower targets are 0.158000 and 0.156000 levels. For a bullish option, Tron would have to initiate a bullish consolidation above the EMA 50 and the 0.164000 level. After that, the price needs to stabilize at a new level before continuing to the bullish side. Potential higher targets are 0.166000 and 0.168000 levels.
