Ripple and Tron: Tron is on the defensive and under pressure
Ripple price continues its sideways consolidation, moving in the 0.5900-0.6100 range.
Tron price rose to 0.139409 level on Monday morning.
Ripple chart analysis
The price of Ripple continues its sideways consolidation, moving in the 0.5900-0.6100 range. On the downside, we have support from the EMA 200 moving average and have been leaning on it since Thursday. This morning, we consolidated once again with the support of the EMA 200, which led us to see the initiation of a bullish consolidation up to the 0.6250 level. On the wings of this momentum, we could continue on the bullish side and climb to higher levels.
Potential higher targets are 0.6300 and 0.6350 levels. For a bearish option, Ripple would have to pull back to the EMA 200 moving average. Then, we need an impulse below that would confirm a move to the bearish side. This will form a new weekly low and strengthen the bearish momentum. Potential lower targets are 0.5900 and 0.5800 levels.
Tron chart analysis
Tron price rose to 0.139409 level on Monday morning. After that, we saw a maintenance attempt in that zone that ended unsuccessfully. With strong bearish impulses, the price fell to 0.134953 levels. A weekly low was formed there, from which we see the start of a new bullish consolidation, this time only up to the 0.138000 level. The inability to return to the previous trend leads to new Tron price instability and the initiation of bearish consolidation.
Today’s low is at the 0.135500 level, and we are close to visiting yesterday’s low. Potential lower targets are the 0.134500 and 0.134000 levels. For a bullish option, we need the initiation of a bullish consolidation of the Tron price above 0.136500 and the EMA 200 moving average. With its support, it will be easier for the price to continue its growth and return to the bullish side. Potential higher targets are the 0.137000 and 0.137500 levels.
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